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September 21, 2017

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Ma touts machine tool sector's potential

TAIPEI, Taiwan -- President Ma Ying-jeou yesterday touted Taiwan's machine tools industry and expressed hope it will become a trillion-dollar sector.

Ma made the remarks during the opening ceremony of the Taipei International Machine Tool Show (TIMTOS), currently held at the Nangang Exhibition Hall. Among the heavyweights attending the ceremony were Ma, deputy economics minister Liang Kuo-hsing, and Taiwan External Trade Development Council Chairman Wang Chih-kang.

A total of 1,009 exhibitors are taking part in the show, using 5,400 booths, with total exhibition area of 100,000 square meters. Both the number of exhibitors and the size of the show are record-breaking, making the show Taiwan's biggest ever. It has also become Asia's second largest machine tool show and the world's fifth largest.

According to Ma, this was his second time attending TIMTOS, which he said demonstrates the best of Taiwan's machine tools industry.

"Whether in terms of production value or market share, Taiwan's machine tools industry has always been able to amaze the world," he said.

He then touted Taiwan's signing of a cross-strait economic cooperation framework agreement, which he said has injected new vibrancy into the machine tools industry. The document has enabled the elimination of tariffs on Taiwan-made machine tools exported to China.

"There are also additional benefits," Ma said. "Many Japanese parts and components firms have come to Taiwan to supply local manufacturers directly."

Furthermore, Ma cited three directions that he wants to see machine tool makers move toward. They are better R&D, further expansion, and higher local investment.

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