Rather "Businessmen Have No Fatherland" Than "Fatherland Has No Businessmen"

  Rather "Businessmen Have No Fatherland" Than "Fatherland Has No Businessmen"

United Daily News Editorial (Taipei, Taiwan)

August 2, 2017

 Translation of an Excerpt

Hon Hai Chairman Terry Gou recently announced his investment of US$10 billion in the United States; this grand-scale investment could not be located in Taiwan, letting down many countrymen’s feelings, and also stirring a wave of dispute over "businessmen have no fatherland." Terry Gou said when interviewed by the media, "markets are my fatherland"; however, he also said, "politics should serve the economy," and even stressing: "Do not forget where I pay my taxes!"

Terry Gou has turned to the United States for investment; in addition to President Trumps’s grandiose ambition of economic stimulus, other major reasons include the energetic efforts on the part of various state governments to attract foreign investments by offering tax benefits. On the other hand, the overall objective environment in Taiwan is not friendly, including, for instance, the most serious and long-existing shortages of water, power, skilled labor, land, and talent, i.e., the so-called "five shortages." Add to that the inefficiency of the government and environmental impact assessments, even the distrust of society in investors, all these factors shut out investors, both domestic and foreign.

With the dismal investment climate, inadequate government efficiency, and an unfriendly society, this in reality is not only the pain of Hon Hai, but also the problem jointly faced by enterprises, both domestic and foreign. According to data compiled by the Economics Ministry, in the first half of this year, there was a 31% drop in dollar amount for overseas Chinese and foreign investments and a drop of 34% for our outbound investment, the only increase is in the area of Taiwan’s investment in the Mainland, which went up by 2%. Moreover, compared with domestic private sector investment in recent years, the growth rate has been between 1% and 2%. With such weak willingness to invest, how do we push for the rebound and revival of Taiwan’s economy?

Since Tsai Ying-wen came to office, it is not true that she has had no intention to improve the economy, but she has not been able to grasp the correct logic and path of governance. Lin Chuan may have the name of Premier of a fiscal/economic Cabinet, but in administration he has been trapped in the political quagmire which was not his long suit, ending up in a helpless situation. These years, Taiwan has seen a rise of anti-rich and anti-business atmospherics, mainly because of the widening wealth gap; however, it cannot be denied that the more important factor is that political figures deliberately stir up and abet such feelings.

In the age of globalization, questioning Terry Gou's loyalty or nativist identity by using “businessmen have no fatherland,” is a shallow and laughable matter. Looking at the situation of present-day Taiwan, what we should be worried about is, in fact, not "businessmen have no fatherland," but whether in the future Taiwan will be denigrated to a situation that the "fatherland has no businessmen." After all, if the investment environment is not improved and one believes we can save the nation and survive relying on anti-rich and anti-business sentiments, that will be a tale of the Arabian Nights.  

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