Taiwan’s ministry of transportation and communications is set provide TWD$560bn ($17.57bn) in aid for the country’s struggling shipping industry.

The Ministry has already submitted its plan to China’s Central Government, Executive Yuan, for final approval.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Once approved, the fund will be used to support the local shipping industry, which has been suffering a global slowdown.

"The incident shows us that the government has to provide support to the industry before the damage becomes uncontrollable."

Taiwan transportation and communications deputy minister Wang Kwo-tsai was quoted by the Taipei Times as saying: “The bankruptcy of [South Korean firm] Hanjin Shipping in August has caused many of its ships, as well as the goods they carried, to be detained by port authorities around the world.

“We see how people had to figure out ways to salvage their goods stranded at sea.

See Also:

“The incident shows us that the government has to provide support to the industry before the damage becomes uncontrollable.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Kwo-tsai also noted that the country’s financial institutions can provide a credit line of up to TWD$500bn ($15.69bn) to improve the overall economy.

Additionally, Taiwan’s National Development Council has provided TWD$60bn ($1.8bn) in mid to long-term loans, which will mainly be used to fund ailing shipping firms.

The country is heavily dependent upon shipping firms to transport bulk goods, which is also the key to Taiwan’s economic development.

The Government is expecting the shipping industry to come back to normalcy within a period of two years, reported Maritime Herald.