Minutes of the 10th TBBC Joint Meeting

Date：June 16-17, 2008
Place：Edinburgh, Scotland, UK
Chairman：(Taiwan) Mr. Leslie C. Koo, Chairman of China Synthetic Rubber Corporation
　　　　　 (UK) Sir Thomas Harris, Vice Chairman of Standard Chartered Capital Markets plc

Information & Communications Technology Group：
(Taiwan) Mr. John C. C. HSUEH, Senior Vice President & CTO, Chunghwa Telecom Co., Ltd
(UK) Mr. Rob Lally, Head of Pacific Rim Country Desks, UK Trade & Investment, UKTI
Infrastructure & Renewable Energy Group：
(Taiwan) Mr. John YU, Chairman, CTCI Corporation
(UK) Mr. Bill Rankin, Managing Director International of Mott MacDonald
Financial & Professional Services Group：
(Taiwan) Mr. William HON, Executive Vice President, Chinatrust Financial Holding Company
(UK) Mr. Stephen Young, Senior Executive, Asia Pacific & Africa, HSBC
Participants：A total of more than 80 participants from Taiwan and the United Kingdom attended the Meeting. Rt Hon George Grubb, Lord Provost of Edinburgh and Mr. Fadah Hsieh, Vice Minister, Ministry of Economic Affairs were invited as VIP speakers to make welcome remarks. Councilor Tom Buchanan, Head of Economic Development Committee also provided a greeting remark at the lunch.

Important Conclusion & Agreements:

Information and Communications Technology Group:
(1) The group called for an increase in business contacts between UK and Taiwanese companies.
(2) The group urged a significant increase investment in both directions.
Infrastructure & Renewable Energy Group：
(1) The group recommended much closer bilateral collaboration and government support for R&D and policy formulation for renewable, carbon trading and other action to tackle carbon emissions.
(2) There was scope for closer cooperation between firms in the UK and Taiwan in urban regeneration and in tackling the challenges posed by global warming. It noted that UK banks were anxious to help finance such projects in Taiwan.
Financial & Professional Services Group：
(1) Opportunities for pension fund industry The new pension system introduced by the new Pension Law in Taiwan is a defined contribution plan. Pension funds have grown significantly, with assets exceeding 30 percent of GDP. Investors are urged to consider seriously the asset management and pension’s expertise available from UK firms, particularly those in Scotland. It is suggested that Scottish Financial Enterprise（SFE）might consider sending a mission to Taiwan to foster such business.
(2) Opportunities for investments in private equity The private equity investment in Taiwan has lagged behind in the regions. Given the economic push under the new presidency, there should be opportunities for the expansion of Private Equity investments in Taiwan taking advantages of the expertise from the UK.
(3) Opportunities for closer cooperation between UK and Taiwan financial services regulators It called for more dialogues between UK and Taiwan financial services regulators to help the process of easing unnecessary restriction and implementing sustainable regulatory reform. It welcomed the proposed visit of the Lord Mayor of London in October this year to pursue such opportunities.