Global economy set to rebound: Uni-President chief

Lo said that exports will be the driving force behind Taiwan's economic growth. However he warned that this growth will rely on the global monetary situation, which still contains uncertain factors that may benefit or hurt Taiwan's export industry.

This unstable global environment also poses difficulties for Taiwan's central bank, Lo said.

The international currency exchange market is being swamped by an influx of U.S. dollars directed by Washington, while Japan strongly depreciates the yen to boost its exports, Lo said. He added that while euro debit crisis is easing, eurozone nations are still in desperate need of long-term stability.

Future Cross-strait Market

Lo noted what he believes is the politicization of Taiwan's downturn. Political motivations becoming entwined with economic reform makes crafting and implementing the necessary reform a much more difficult task, he said.

The new Cabinet is facing many challenges, Lo said, adding that he hopes the new crew can help Taiwan raise its consumption level to boost the economy.

The Uni-President head said he is optimistic about the food market both in Taiwan and the mainland, explaining that the company will have up to 40 factories in China by the end of this year.

Lo said deciding on locations to set up factories in China entails researching GDP breakdown and consumption levels in each prospective area to determine the scale of investment.

Uni-President aims to establish factories in every mainland province in the future, in order to capitalize on China's future “10 golden years,” Lo said.

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