TW Biz News｜WK 09/15 - 09/21
Every week, we'll select Taiwan's five business news from the previous week for your review.
〔Taiwan News〕Taiwan hosts forum at WTO in Geneva
The World Trade Organization selected Taiwan to present a seminar in Geneva about the use of digital technologies for the benefit of small enterprises, the Ministry of Foreign Affairs said Friday. The three-day public forum is one of the WTO’s largest public promotional events, attracting 4,600 visitors this year, the ministry said in a statement. Since 2016, Taiwan has been selected seven times to organize a seminar and share its experiences with other trading nations.
〔Inside Retail〕Japanese discount retail chain 3Coins debuts in Taiwan
Located inside Eslite Spectrum Wuchang in Ximending district, the 370sqm store offers popular Japanese lifestyle products alongside Taiwan-exclusive items. The company has also launched its e-commerce site in the market, as well as special promotions to mark the opening. Hong Kong-based Yaichi Group has been the exclusive distribution partner and franchisee that brought 3Coins out of Japan. The brand’s entry into Taiwan was advanced through a partnership between Yaichi and FullSynergy New Retail, a company under the Taiwan Mobile Group.
Shin Kong Mitsukoshi is looking beyond traditional department stores for growth and into transportation hubs, President Wu Hsin-yang (吳昕陽) said Thursday. Wu said taking over the mall at Taipei Main Station in July marked the first step in exploring the “hub economy,” which targets locations with large flows of people, per CNA. Unlike malls, which must attract customers, transportation hubs have large flows of people, he explained.
CTBC Financial Holding Co. subsidiary Taiwan Life Insurance Co. is expected to sign a NT$60 billion (US$1.89 billion) build-operate-transfer (BOT) contract with Taichung for a 45,000-seat domed baseball stadium in October, Mayor Lu Shiow-yen said Wednesday. According to the city government, in addition to an international-standard baseball stadium that can also host concerts, the complex in Taichung's Shuinan Economic and Trade Park will include two hotels and a luxury shopping mall covering around 33,000 square meters.
Taiwan's China Airlines expects monthly cargo revenue to remain at high levels in the fourth quarter as strong demand for air freight continues. The carrier’s cargo revenue reached NT$7.52 billion (US$236 million) in August, up 36% from the same period a year earlier. It expects monthly revenue to reach around NT$8 billion in the fourth quarter, according to LTN and CNA. President Chen Han-ming said the fourth quarter is traditionally the peak season for air cargo. The company is focusing its freighter capacity on cargo markets with the strongest demand, particularly fresh produce, drones, and heavy cargo, he said.
〔Taiwan News〕Taiwan boosts North America tourism promotion
The Tourism Administration held a large-scale business-to-business event in New York on Monday to develop the long-haul North American travel market and strengthen international marketing. The administration partnered with travel agencies, hotels, and airlines to host the event, per CNA. It aims to boost visitor arrivals from North America through multiple Taiwan–US flight routes and more than 200 weekly flights.
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