Invest in the EU by xiuliliaofz



Invest in the EU
This guide was published with the support and contribution of the following

Austrian Trade Delegation Taipei
Austrian Business Agency

Service for Foreign Investments, Belgium
Flanders Investment & Trade
Ministry of the Wallonia Region
Brussels Enterprise Agency

UK Trade & Investment

Czech Invest

Danish Trade Organizations' Taipei

Invest in Denmark

Invest in Finland

Invest in France Agency in France

Invest in Germany

Hungarian Investment and Trade
Development Agency (ITDH)

IDA Ireland

Invest in Italy

Netherlands Foreign Investment Agency

Polish Information and Foreign
Investment Agency

Slovak Investment & Trade Development

INTERES Invest in Spain

Invest in Sweden Agency ISA
1 Why invest in the EU ....................................................................................................................... 2
2 EU-Taiwan ......................................................................................................................................... 3
3 Background ...................................................................................................................................... 4

1                                            .................................................................................................................. 8
2                         ..................................................................................................................................... 9
3           ................................................................................................................................................... 10

AUSTRIA.................................................... 14                            LATVIA ....................................................... 42

WHY BELGIUM?........................................ 16                                   LITHUANIA ................................................ 44

BULGARIA ................................................. 18                             LUXEMBOURG.......................................... 46

CYPRUS .................................................... 20                            MALTA........................................................ 48

CZECH REPUBLIC .................................... 22                                    THE NETHERLANDS ................................. 50

WE OPEN THE DOOR ............................... 24                                       POLAND .................................................... 52
                                                                                          PORTUGAL................................................ 54
ESTONIA.................................................... 26
                                                                                          ROMANIA .................................................. 56
INVESTMENT ENVIRONMENT.................. 28
                                                                                          SLOVAKIA.................................................. 58
TOP REASONS.......................................... 30
TO INVEST IN FRANCE                                                                       INVESTMENT OPPORTUNITIES ............... 60
                                                                                          IN SLOVENIA
INVEST IN GERMANY ............................... 32
                                                                                          SPAIN......................................................... 62
GREECE COMPETITIVE ............................ 34
                                                                                          WELCOME TO SWEDEN........................... 64
INVEST IN HUNGARY ............................... 36
                                                                                          INVEST IN THE UK .................................... 66
IRELAND.................................................... 38

ITALY.......................................................... 40
                1             Why invest in the EU

                                         What the EU offers
                                          - access to a large single market of 500 million customers with a sound and stable
                                            macroeconomic and political environment and a high level of urbanization and
                                          - legal certainty and transparency of regulatory reform
                                          - protection of investment, including strong protection of Intellectual Property Rights

                                          - multitude of well-known brands

                                            designed for foreign investors (Investment Promotion Agencies, local/regional
                                            governments’ services, European Attractiveness Scoreboard, etc.)
                                          - highly educated and skilled workforce
                                          - modern infrastructure, allowing businesses to deliver to their partners on time
                                          - sector/cluster strengths

                                         The EU is not expensive and offers a multitude of
                                          - there exists a diverse and varied pattern of taxation and welfare systems throughout
                                            the EU
                                          - the amount of GDP taken in taxes varies between 35% and 55% depending on the
                                            country, with most of the large Member States situated between 40% and 50%
                                          - However, the burden of taxes, welfare and regulation is more than offset by higher
                                            productivity of labour and capital, public infrastructure (transportation, utilities,
                                            general business environment) and incentives
                                          - throughout the EU, countries offer a multitude of incentives for investors (favorable
                                            tax regulations, tax holidays, low cost of land etc.)
                                          - Competitiveness is not measured by taxes and welfare, but by the overall factor
                                            costs and productivity

        The European Attractiveness      The EU offers the whole range of investment opportunities
Scoreboard which can be downloaded
       on the website of the Invest in
       France (www.investinfrance.        - Direct investment in industrial manufacturing and services
    fr/France) or Invest in Germany
                                          - Equities
agencies (www.invest-in-germany.
 com) and a number of other services      - Funds and portfolio investment
     provide easy access to important     - Venture capital
    information for foreign investors
            2                    EU-Taiwan

- 27 countries
- 493 million inhabitants
                                          Taiwan is the EU’s 14th trading partner worldwide and its 4th in East Asia. The EU is
- An economy worth 10.8 trillion
  Euros, 28.8% of the world economy       Taiwan’s fourth trading partner, accounting for around 11% of Taiwan’s foreign trade,
- The biggest trading entity in the
  world representing 22.8% of world
                                          but it is even more important for the whole Asian region (eg. The EU already is China’s
  trade in goods and 27% of trade in      largest trade partner).
- The world’s leading source of           The EU, which was the largest provider of new foreign direct investment in Taiwan in
  Foreign Direct Investment and
  largest recipient of foreign            2006, has more than 11 billion Euros in stock of FDI. Taiwan’s FDI has been decreasing
- The main export market for some         since 2001 to a stock of FDI 1 billion Euros in 2004. This only represents 0.06% of the
  130 countries around the globe
                                          total stock of FDI in the EU and lags far behind Singapore or Hong Kong, both with
- a single market, with no internal       around 14 billion Euros. This is clear evidence that the EU is still underexploited by the
  borders for goods, services, capital
  and people                              Taiwanese businesses as a place for good investment opportunities. Taiwanese direct
- common policies and regulations
  on agriculture, research, information   investment in the EU member states is mainly in manufacturing in the electronics and
  society, the environment, consumer
  protection, food safety,
                                          consumer products sectors, but also in research and development centres, logistics
  competition…                            and trade-related facilities. From a Taiwanese perspective, FDI in the EU represents
- Freedom to travel throughout and
  to settle anywhere in the EU for all    around 1.5% of its total outward stock of FDI. This is about one fourth of the amount
- A single currency, the Euro, already    invested by Taiwanese investors in the US, and a very small fraction of their FDI in Asia,
  used in 13 Member States – more
  will join in the future                 including China.
- A “cohesion” policy based on
  solidarity, whereby the richer areas    The actual amount of Taiwanese investment is estimated to have exceeded 3 billion
  of the EU help develop the less well-
  off regions                             Euros, taking the investment of Hong Kong based subsidiaries of Taiwanese companies
                                          in the Czech Republic and Hungary in account.
- A common trade policy with non-EU
  economies                               Both sides are working on further improving the cooperation and the investment
- A common foreign and security
  policy – 27 EU countries speaking
                                          environment for Taiwanese investors, for example Belgium, Denmark, The Netherlands,
  with one voice on the world stage       Sweden and the UK have already concluded agreements for the avoidance of double
- A strong development aid
  programme for developing countries,     taxation with Taiwan. Other member states such as Germany, France and Italy expect
  and a strong presence in
  humanitarian assistance to help         to conclude such an agreement in the near future. Agreements for the promotion of
  people face disasters around the
  world                                   investment have also been signed between Taiwan and several EU member states
- Freedom to travel with a single visa
  in the 15 Schengen countries – and      including Belgium, Ireland, the Czech Republic, Lithuania, Hungary, Germany and
  13 more European countries will join
  the Schengen system in 2008             Sweden.

   Singapore and Hong Kong
  each have 7 times more FDI
      in the EU than Taiwan
  3              Background

                            The EU has grown steadily since it was founded in 1957, the biggest enlargement up to
                            date took place in 2004, followed in 2007 by the addition of two more Member States.

 A single market of 500     The construction of the customs union (allowing for the free movement of goods within
      million customers     the EU after clearing of customs duties), the single market and the European Monetary
                            Union (EMU) are key achievements in the history of the EU bringing benefits to the
                            economy and people in more than one way. Having put in place a number of measures
                            to ensure economic stability (Stability and Growth Pact), there is an ongoing process in
                            which the Member States and the European Commission work closely together, striving
                            for improvement of the regulatory environment within which businesses operate, further
                            reduction of red tape, harmonization of rules to help companies to operate throughout
                            the EU on the basis of a single set of rules which aim to increase the transparency and

                            The single market is based on the principle of four fundamental freedoms – the
                            free movement of goods, services, capitals and persons. It is the world’s largest
                            international single market, including beside the 27 EU Member States also three
                            European Economic Area countries, Norway, Iceland and Liechtenstein.

                            - removal of trade barriers brought down business costs, increased competition and

                            - standards have been established for hundreds of products, offering consumers a
                                high level of quality and safety and providing on the basis of ‘mutual recognition’ a

                           Economic and Monetary Union (EMU)
                            (                                                                     m)

                            The EMU is the integration of the EU economies through a common monetary policy,
A single currency shared
         by 13 countries

                            while the responsibility in most other economic policies remains at national level. The
                            EMU has succeeded in delivering conditions of macroeconomic stability – in terms of

                            participating Member States, while further fostering economic integration in product

                            thirds of the EU population. The Euro area will grow as more new member countries
                            adopt the euro, once their economies are ready. For more information please see the
                             Practical Guide to EMU and Euro Aspects (

                                                               is one of the core features of globalization. The rapid
                             integration of production and financial markets over the last decade spurred
                             development, economic and social growth.
                             Because of its favorable effect on income generation from capital flows, advanced
                             technology, management skills and market know-how, the European Commission and

                             services for foreign investors.

                            Financial market/Services

Towards a single financial    Financial markets are crucial for the functioning of modern economies. The EU has
           service market    taken direct action to create an integrated Europe-wide single market for financial
                             services through a framework of legislation, co-operation and practice within which

                             of capital and services. The EU has established the European Payments Area working
                             on eliminating obstacles to cross border payment in all form. It has stepped in to
                             reduce bank charges for payments and withdrawals in Euro, bringing the cost for
                             cross-border transfers down to a tenth of what it was six years ago.

                             The Financial Services Action Plan (FSAP) 1999-2005 was successfully completed

                             investment across the single market towards the businesses that will make best use


                             will come into force further developing the framework of a single market in the EU
                             for trading in shares, bonds, derivatives and other investment products. MiFID – the
                             Markets in Financial Instruments Directive – contains measures which will increase
                             investor protection, change and improve the organization and functioning of investment

                             of EU capital markets. The new measures are set out to stimulate greater competition
                             and establish a level playing field between Europe’s securities trading venues and
                             create a robust, common regulatory framework for trading in the financial products
                             offered by Europe’s securities market.
                           Venture Capital
                            (                                                                              m)

                            Because European SMEs tend to have a relatively low share of own capital in their
Growing venture capital     balance sheets, many of them want to increase their equity. Equity investments are
for innovative start-ups    also necessary for innovative start-ups to fulfil their growth potential. Integrated,

                            and competitiveness of the economy; therefore they are one of the main goals of the

                            with the Risk Capital Action Plan and the Financial Services Action Plan and is trying to
                            reduce the gap in early-stage investment by providing a number of services.
                            The European Commission has taken a number of different approaches, taking policy
                            initiatives, setting up networks (the European Business Angels Network,
                            the European Venture Capital and Private Equity Association, Network
                            of European Financial Institutions for SMEs, disseminating information
                            to stakeholders on new policies and good practices, and on a practical level with a

                            Investment Bank ( and the European Investment Fund (www.eif.europa.
                            strengthen the equity base of high-tech SMEs and those with strong growth potential.

                            The EU concentrates its efforts on the elimination of tax obstacles to all forms of

 Trend towards EU tax
        harmonization       in the areas of company tax, VAT, excise duties, and car tax.
                            There are direct and indirect taxes to be considered in Europe. The direct taxes are

                            Indirect taxes are regulated by a European framework, but can vary inside a set margin
                            in different countries.

                            VAT rates vary between Member States and between types of products. EU law only
                            requires that the standard VAT rate must be at least 15% and the reduced rate at least
                            5%. Further information see: relevant country’s VAT authority as the most reliable
                       source of information or for an overview see
                       Concerning exports from the EU to non-member countries, no VAT is charged on the
                       transaction and the VAT already paid on the inputs of the good for export is deducted.
                       However, as far as imports are concerned, VAT must be paid at the moment the goods
                       are imported so they are immediately placed on the same footing as equivalent goods
                       produced in the EU. Taxable people registered for VAT will be allowed to deduct this
                       VAT in their next VAT return. Goods supplied between taxable persons between EU
                       Member States are exempted with a right to deduct the input VAT on despatch if the
                       goods are sent to a person who can give his VAT number in another Member State. For
                       the trade of goods within the EU, reverse charge mechanisms are widely implemented.
                       This system involves a reporting obligation of the VAT but no cash flow. The VAT
                       number can be checked using the VAT Information Exchange System (VIES).


                       Goods that have been produced in the European Union (EU), or that have been cleared
                       of customs duty into the EU, are “in free circulation” within the EU. Duty is normally

One common EU tariff
                       with a single tariff for the whole EU. The amount of duties depends on the product.
                       See Export Helpdesk ( or (
                       taxation_customs/customs/customs_duties/declared_goods/index_en.htm) for further
                               -   5

                                       (The European Attractiveness Scoreboard)


                               -                                    35%   55%
                                       40%   50%


(The European Attractiveness
- 27
- 23
  22.8%          27%                     2006                     110           2001
                                                10                      0.06%


-                                 1.5%


-                            13



-                       15
          2008     13
                   1957                                                        2004


                               Stability and Growth Pact

                 (European Economic Area)


                 ( nance/emu_history/part_a.htm)

13                                                                 (European Central Bank)


                 ( nance/emu_history/part_d.htm)

                                   European Payments Area

  1999        2005                                          Financial Services
Action Plan

( nances/actionplan/index_en.htm)

                       2007   11

           MiFID: Markets in nancial instruments Directive


( nancing/index_en.htm)                    




                                                                       (http://     (
 A dynamic business location in the heart of Europe

                   Austria has been growing in attractiveness in recent years as a business location
                   for foreign companies and Austria´s economic success has not gone unnoticed
                   internationally. According to the “D-A-CH Reform Barometer” analysing the reform
                   drive in Germany, Austria and Switzerland, Austria is the German-speaking country with
                   the greatest propensity to carry out reforms.

                 Attractive tax reforms
                   The second phase of Austria´s tax reform package enacted on January 1 2005 includes
                   a reduction of the corporate tax rate from 34 to 25 percent. And a group taxation model
                   unique in Europe makes Austria an even more compelling business destination for

                 Stable Economic Growth, High Purchasing Power
                   Austria’s economic growth rate is expected to reach 2.6 per cent in 2006.
                   Thanks to above-average growth rates, Austria has a per capita GDP of almost 28,000

                 Austria - Large-Scale Investor in Central and Eastern Europe
                   Austria’s extremely favourable economic position can also be attributed to its seizing
                   business opportunities in the Central and Eastern European markets at an early stage.
                   In addition to Austrian banks, Austria’s small and mid-sized companies have been
                   the predominant investors in these countries, establishing production facilities and
                   expanding trade relations.

                   There has been a significant increase in interest in the business location Austria

                   Austria´s government-operated agency for inward investment, attributes – amongst
                   others – to Austria´s ideal location and role as a hub for business in Eastern Europe.

                 in Austria
                   The Austrian Business Agency (ABA), informs and advises investors on all site-selection
                   issues and actively recruits companies interested in locating in Austria.
                   While closely co-operating with commercial Counsels in many Asian countries, the

                                                  2005 1 1
                                                34%    25%

                                                        2006             2.6%

                                              Austrian Business Agency

Mr. Wilfried Gunka, International Director
Ms. Daniela Derka, Executive Assistant
Opernring 3
1010 Vienna, Austria
Tel +43 1 588 58 0 • Fax +43 1 586 86 59

Austrian Trade Delegation
- AHSt Taipei
Mr. Martin Hiesboeck
P.O.Box 118-171, Taipei 105, Taiwan
Tel +886 2 2715 5220 • Fax +886 2 2717 3242

      Strategically located in the center of Europe, Belgium contains a powerful infrastructure
      and serves as residence to the main decisional bodies of the European Union as well
      as many international organizations.

      The extensive motorway system includes seven international expressways connecting
      France, Germany and the Netherlands. As part of a highly concentrated railroad
      network, High Speed Train facilities link Brussels to London, Amsterdam, Paris and
      Cologne. The freight terminal at Brussels International Airport features the fastest air-
      cargo handling and distribution center in Europe, with a capacity of 500.000 tons
      annually. The major seaports of Antwerp and Zeebrugge are linked with the main
      European inland waterways.

      State-of-the-art telecommunications systems access the entire world in seconds.
      Internationalized and leading the world in per capita exports, and supported by a
      committed labour force reputed for high productivity, Belgium is a stronghold for
      European trade.

      Multi-lingual in every sector, and rich in culture and cuisine, Belgium is diverse in its
      facilities for body, mind and spirit.

      readily available, Belgium is poised for new investment.

      investment environment is changing, trending towards financial and trade-related
      services, but manufacturing still remains important. Therefore, strategic alliances, joint
      ventures and acquisitions are becoming increasingly important.

      Financial investment aid is granted by autonomous regional authorities. The level
      of grants available in Brussels, Flanders or Wallonia varies slightly, depending upon
      factors such as employment stimulus, technological composition and desirability of the
      projected investment in the region.

      Fiscal incentives include a.o. exemption from tax prepayment on real property income,
      the possibility of accelerated depreciation, investment deduction, etc.

      Under the so-called ‘notional interest deduction’, a new and innovative measure in
      international tax law, all companies subject to Belgian corporate tax will be able to
      deduct from their taxable income an amount equal to the interest they would have paid

      At the same time, the 0.5% registration duty on capital contributions will be abolished.
      Tax credits and personal tax concessions for expatriate personnel are also granted.

      Labour incentives are provided through a reduction in social security contribution,
      training and job creation measures on the federal and regional levels.

      Equipped with these outstanding features, Belgium offers prime opportunities
      for companies seeking optimal locations for distribution activities or a European
                                              50          Zeebrugge

Federal Public Service Economy
Vooruitgangstraat 50
B-1210 Brussels
Tel +32 2 277 78 08 • Fax +32 2 277 53 06

Flanders Region
Flanders Investment & Trade
Gaucheretstraat 90
B-1030 Brussels
Tel +32 2 504 88 71 • Fax +32 2 504 88 70

Wallonia Region
Ministry of the Wallonia Region

Rue J Materne 115
B-5100 Namur
Tel +32 81 33 28 50 • Fax +32 81 33 28 69
                                  e                0.5%

Brussels-Capital Region
Brussels Enterprise Agency
Tour & Taxis
Avenue du Port 86 c box 211
B-1000 Brussels
Tel +32 2 422 00 20 • Fax +32 2 422 00 43

Room 601, 131 Minsheng E. Rd, Sec 3, Taipei
Tel +886 2 2715 1215 • Fax +886 2 2712 6258

       Already a member of the European Union,
       Bulgaria has long been pursuing its aim to become an active and contributing partner
       to companies willing to invest in Bulgaria.
       We strive to be investors’ first point of contact in Bulgaria and partner that help
       investors assess and realize investment opportunities because our performance is
       measured by your success.

       Welcome to Bulgaria!
       You can rely on our support!
       Dr. Stoyan Stalev
       Executive Director
       Invest Bulgaria Agency

       Why Bulgaria
       Financial and political stability
       The lowest operational cost in Europe
       Favorable tax rates (corporate income tax 10%)
       Well educated and highly skilled labour force
       Governmental support to priority investment projects
       Strategic geographic location: Bulgaria – a linkage between Europe and Asia
       Excellent climate, traditional food and hospitality

      IBA services
      • Comparative macroeconomic information
      • Legal advice
      • Data on operational costs
      • Assistance with feasibility studies
      • Assistance with site selection: regional information related to unemployment data,
       availability of skilled labor force, education level, infrastructure, foreign investors,
       industrial zones, free premises

      • Creating linkages with local universities
      • Creating linkages with central and local governments
      • Information and provision of investment incentives
                                                 Dr. Stoyan Stalev




Tel +359 2 98 555 00 • Fax +359 2 9801 320
 an International Business and Investment Centre

                 Europe’s Middle Eastern outpost
                  Cyprus’s strategic location at the crossroads of three continents has been a major
                  factor in shaping its history and its development into an international business centre.
                  Upon membership into the European Union, Cyprus is being transformed into a key
                  outpost in the Eastern Mediterranean, facilitating partnerships and serving as the
                  springboard for investments among Europe, Africa, and Asia.

                  lower labour costs compared to the EU average (Eurostat 2006).

                 Macroeconomic stability
                  full employment conditions, external and internal stability.

                 Favorable tax regime
                  Actions have taken place to maintain Cyprus’ competitiveness as an international
                  business centre, enhance its attractiveness as a suitable jurisdiction for holding

                  corporate tax rate in the EU (10%).

                 Top quality of life
                  Based on the Worldwide Quality-of-life Index 2005 conducted by the Economist
                  Intelligence Unit, Cyprus marks favourably in terms of the 2005 quality of life index

                  Foreign Direct Investments during the period of 1998- 2004 based on the UNCTAD
                  World Investment Report 2005, were around US$ 5.619 billions, showing an continuous
                  upward trend with the majority directed towards the service sector. The Foreign Direct
                  Investment (FDI) Policy is liberalised for both EU and non-EU nationals in most sectors
                  of the economy.

                 International services centre
                   Cyprus role as an international services centre, supported by the presence of so many
                   multinational companies, is being further enhanced, with plans to promote the island
                   as an international research and development center.
                 • Banking: approximately 30 foreign banks have established presence and over 1200

                 • Shipping: Cyprus is ranking as the ninth leading maritime nation in the world
                 • Telecommunications: The island is considered as one of the most important
                   telecommunication hubs in the Eastern Mediterranean and the Middle East region.
                 • Research and Technology: New investment opportunities arise through Cyprus high
                   technology investment programme related to the establishment of Business Incubators
                   as well as the planning of launching a Cyprus Technology Park

                 Investors Assistance
                  The Foreign Investors Service Centre (FISC) assists foreign-based companies
                  investigating investment opportunities and provides aftercare development, anchoring
                  existing investors and encouraging them to upgrade their activities.
                                                       Eurostat 2006



                                                                         2005          1998   2004

                                             •           30                     1200


Ministry of Commerce, Industry and Tourism
6 Andreas Araouzos, 1421 Nicosia
Tel +357 22 867239 / 867 143,
Fax +357 22 375 541

               The Czech Republic – the member of the EU, OECD, NATO, WTO, IMF and EBRD – is
               an open market economy, parliamentary democracy and one of the economically most
               successful post transition countries.
               The stable political and economic environment, quality legislative framewerk, skilled
               labour force, central location within the European single market and high–quality
               infrastructure make the Czech Republic a very attractive location for investment.
               According to recent survey by Ernst &Young the Czech Republic is the seventh most
               attractive country in the world for investors.

               manufacturing sector and in the areas of electronics, engineering and chemical
               and plastics industries-, the Czech Republic increasingly is of interest to investors
               producing high-tech products (aircraft, pharmaceutical products, computers and
               office equipment, precision tools etc.) i.e. products requiring a high level of science
               and research and thus an educated and skilled work force and projects leading to the
               establishment of technology centres on applied research and innovation.

             What the Czech Republic can offer to investors
              - Industrial tradition and skilled labour force:
               The country has got long - standing and high-quality educational background, from
               vocational training to university education.
              - Infrastructure:
               Another important attribute is the quality and density of infrastructure and the
               geographical position of the CR that highlights the country role as a crossroads of the
               main European transit corridors.
              - Wage costs and average time spent at work:
               Even though wages are not a dominant competitive advantage, they are not a negligible
               factor. The combination of average hourly wage costs (EUR 3.41) and the average
               number of working hours per month (164.3) makes the Czech enduringly attractive for
               foreign investors.
              - Reliable suppliers:
               Due to its quality, versatility and size, the Czech Republic´s supplier base is also
               undoubtedly one of the country foremost competitive advantages.
              - International Rating:
               The Czech Republic is anticipating one of the highest rating assessments in Central
               and East Europe. The country received an A1 grade from Moody´s and A-grade from
               Standard and Poor´s.

             Investment incentives in the Czech Republic
              • Corporate tax relief, transfer of land with technical facilities at a favourable price-job
              • Grants training and re-training grants transfer of the Land Registry as agricultural land
                and transfers of other kinds of land
              • Grants for investments into Technology Centres and Centres of strategic services

             Useful links
               Ministry of Industry and Trade:
               Ministry of Finance:
                                                                                                         –   (EU),
                                                        (OECD),                     (NATO),              (WTO) ,
                                                     (IMF), (EBRD)




                                                                      3.14        (EUR)                  164.3(      )



                                                                      Moody       A1      , Standard and Poor   s   A

Stepanska 15, Praha 2, 12000
Tel: +420 296 342 500                       •
Fax +420 296 342 502
                   g                        •

6F-1, 51, Keelung Road, Section 2, Taipei
Tel +886 2 2738 9768                                     Ministry of Industry and Trade:
fax +886 2 2733 3944
                                                         Ministry of Finance:
                                                The Best Place In The World To Conduct Business*

                                     Invest in Denmark’s global team provides you with professional advice, services
                                     and connects you to the right people. Whether your company considers to relocate,
                                     consolidate, set up new production facilities, is on the lookout for new R&D partners
      *According To The Economist    or other strategic business solutions in Europe, Invest in Denmark is a good place to
Intelligence Unit – (2006 - 2010)    begin.

                                    ABOUT Denmark
                                     Denmark has a well-developed network of motorways, allowing swift and easy access
                                     to all markets in the Northern European region. Through the opening of the Øresund
                                     bridge in July 2000, the only bridge in the world connecting two countries, Denmark is
                                     now the gateway to the Scandinavian countries, and the Baltic area.

                                     A small country with four international airports…
                                     Copenhagen Airport is the main hub in Northern Europe, the Scandinavian Airline
                                     System’s principal airport and DHL’s Northern European hub. In 2005, the Air Transport
                                     Research Society named Copenhagen Airport the best airport in Europe. The airport
                                     is located only 8 km from the city centre, and Copenhagen Central Station can be
                                     reached in 15 minutes.

                                     Denmark has a favourable tax climate thanks to a corporate tax rate of 28%, an
                                     extensive network of tax treaties and attractive rules for expatriates.

                                     Danish workforce is among the most productive in Europe, and no restrictions apply
                                     regarding overtime work which will allow companies to operate 24 hours a day, 365
                                     days a year.
                                     Contrary to most European countries, basic practices in the Danish labour market are
                                     mainly founded on collective agreements between the employers’ and the employees’
                                     representative organisations, thus ensuring a high degree of consensus in the labour

                                     Compared to other European countries the Danish rules for termination of contracts are
                                     very liberal.
                                     Provided that the legal and agreed notices are respected, the employer is entitled to
                                     dismiss skilled as well as unskilled workers, at any time without incurring costs. This
                                     makes it easier for an individual business to adjust the size of its workforce.

                                     The excellent reputation of the Danish labour force can to a large extent be ascribed
                                     to the traditional awareness of the importance of education. The general education
                                     system enjoys high priority and receives substantial public funding. The result is a well
                                     educated population with a high proportion of university graduates.


                                             2000   7

                                                        2005                   Air Transport Research Society



Ministry of Foreign Affairs of Denmark
2, Asiatisk Plads, 1448 Copenhagen K
Tel +45 33 92 11 16

Danish Trade Organizations’

Room 1207, 205 Dunhua N Rd, Taipei
Tel +886 2 2718 2101• fax +886 2 2718 2141
 attracting foreign direct investments

                   Estonia – a small and compact country in Northern Europe - has enjoyed seven straight
                   years of high economic growth rates of more than 6% annually. The future prospects
                   are even more positive, as Estonia, together with Latvia were the only countries in
                   Europe having growth rates more than 10% during the second half of 2005.

                 Baltic burst
                   Actually the whole Baltic Sea Region, including Estonia, Latvia, Lithuania and Finland,
                   Denmark, Sweden, Norway, with their relatively high growth rates compared to the rest
                   of Europe is an interesting market of ca. 30 million people. The growth in the region
                   is mainly driven by domestic consumption and good export performance with an
                   interesting integration taking place between Estonia and the Nordic countries in terms
                   of investment and trade, cross-border clusters and linkages in timber and engineering
                   industries as well as in the services like ICT (information and telecommunication) and

                 A European tiger
                   As seen by many international rating agencies, Estonian business and investment
                   climate is among the best in the World with a rapid privatization program, stable
                   currency - Estonia being the frontrunner among the new European Union member
                   countries to join the single currency area during the next few years. Estonia offers

                 Open Economy
                   Because of its successful structural reforms and open economy, Estonia is and has

                   was record high - over two billion EUR - as some big acquisitions have taken place in
                   the banking and the commercial real estate sector.

                 Skype High
                   The announcement of eBay Inc.– which was at the same time showing its high
                   appreciation for the role of Estonian talent and its high opinion of Estonian economic
                   and investment climate - that it is acquiring the global Internet communications
                   company Skype Technologies SA for 2.6 billion USD will have a strong impact on the IT
                   sector development. Skype is headquartered in Luxembourg, but its main development
                   is done in Estonia.

                 Ideal opportunities
                   For more information please contact Enterprise Estonia, a state foundation for business
                   support and the implementing agency for the EU structural funds. We can also help
                   you with tourist information - and we do have snow in the winter!!

                   Welcome to Estonia!

                                                                                       Andrus Viirg
                                                       Director, Foreign Investments and Trade Promotion
                                                                                       Enterprise Estonia



                                            eBay           26        Skype


                                                                          Andrus Viirg

Liivalaia 13/15, 10118 Tallinn
Tel +372 6 279 700 • Fax +372 6 279 747

       Finland is one the best European countries in which to invest offering a central location
       between the sizable Nordic, Baltic and western Russian markets with more than 80
       million consumers and direct access to other EU markets, with no currency risk - as
       the only country of the region in the euro zone, Its north-easterly position also provides
       excellent transport links to China and the rest of Asia, both by rail and air.

       It is a global leader in technological innovation, and its major university cities are
       developing clusters of expertise in the form of science parks to ensure continued

       been ranked as the best in the world, both at primary and tertiary levels. Finland has

       and is continuing to invest in them, with R&D expenditure as a percentage of GDP
       amongst the highest in the world and growing at a rate of 10% per annum. Language
       skills are also excellent with English increasingly becoming the corporate language and
       plentiful supplies of Swedish and Russian expertise.

       Finland leads the world in terms of competitiveness, transparency, lack of corruption
       and economic stability. Bureaucracy has been pared down to a minimum level, so
       starting up a business is quick and easy. The country is cost-efficient in terms of
       labour, premises, telecommunications and tax rates. Investment in Finnish business
       is a healthy mix of public and private, with much government funding going to assist
       Finland-based companies in innovation, entrepreneurial activity and internationalisation.

       Finland provides a great test-bed for new products. Consumers are sophisticated,
       homogeneous, enjoy a high standard of living and are traditionally early adopters
       of new technology. The country combines a mature and dynamic market with a
       responsible society that is stable, open and egalitarian. Social infrastructure is second-
       to-none, with an excellent national healthcare system and public services..

       industries of wood construction, paper machinery and wood handling) metallurgy,
       mining, construction technology, healthcare, nutrition, biotechnology, medical
       equipment, environmental technology, and new services such as security, catering and

       Invest in Finland is an expert organisation aimed at helping you to set up business in
       Finland and continuing to serve you once you have established a presence.


Kaivokatu 8, 6th Floor, FI-00100 Helsinki
Tel +358 10 773 0300 • Fax +358 10 773 0301

Room 1505, 15F, 333 Keelung Rd., Sec 1, Taipei
Tel +886 2 2722 0764 • Fax +886 2 2725 1517

       Over the past 20 years, France has become ever more closely integrated in what is
       now a truly global market, where the constraints of time and place are increasingly
       irrelevant to knowledge, business, capital, production, technology and research.

       There can be no denying France’s successes in this — fifth worldwide by GDP, the
       number-three exporter of services and the number-two source of foreign direct
       investment, second only to the US, France is an economic power to be reckoned with,

       Not surprisingly, France has proven appeal for foreign investors, ranking fourth for total

       France is also a land of business and entrepreneurs, counting nearly two and a half
       million companies. These include world leaders across all sectors, benefiting from
       the internationally recognized expertise of their management teams. Not the least of
       our strengths is a long-standing tradition of industrial innovation. Our engineers have
       frequently played a pioneering role in the emergence of new technologies, illustrated by
       the launch of the Queen Mary 2 and development of Airbus and TGV high-speed rail,
       as well as successes in areas ranging from smart cards to nuclear power and medical

       High R&D spending, highly qualified research staff and a favourable working
       environment make France a natural standard bearer for Europe in major projects for

       system, ensuring that technicians, supervisors, engineers, government employees and
       others in key positions have the necessary training for their jobs. The French labour
       force is creative and conscientious and productivity is among the highest for any major
       economy, topping performances in the US.

       France’s attractiveness as a business location is now a priority of the government’s
       economic policy, marked by a commitment to structural reforms such as that of the
       pension system. The Invest in France Agency will provide full support to investors all
       over the world to optimize their projects and make a success of their move to France.
                                                        (     )



77, boulevard Saint-Jacques
75014 Paris, FRANCE
Tel +33 1 4487 1717 • Fax +33 1 4047 7329

Bank Tower #1401, No 205 TunHwa North Rd
Po-Box 118-1361, Taipei 105, TAIWAN
Tel +886 2 2713 3552 • Fax +886 2 2717 1353
E-mail :                       g

       Germany offers numerous decisive advantages for investment. The German economy
       is the largest economy in Europe, with the largest number of consumers (82 million).
       Germany is located at the geographical center of Europe and shares borders with
       nine other European countries. This makes the country an ideal turntable for goods
       and services for both the established and new growth markets within the enlarged
       European Union, a highly lucrative market with 420 million consumers.

       The ever growing number of Taiwanese companies active in Germany see the quality

       to invest in Germany. Productivity rates are extremely high, meaning that Germany,
       within the entire EU, has recorded the lowest increase in unit labor costs within the ten
       past years.

       Germany’s strict laws on intellectual property ensure that patents are protected
       and, thanks to the drive for even more innovation by the public and private sectors,
       Germany registers more patents than any other country in Europe and provides an
       ideal climate for further innovation for all companies.

       “Made in Germany” is probably the strongest premium brand in the world. The name
       is synonymous for quality and innovation. Taiwanese companies producing goods in
       Germany can take advantage of this quality seal and use it to establish themselves in
       new markets. Small and medium sized companies are a particularly important aspect
       and are essential suppliers of components and equipment to the established industrial
       giants such as Siemens and DaimlerChrysler.

       The many government support programs, in place to assist small and medium sized
       companies, are open to investors of all nationalities. Germany welcomes foreign
       investment and imposes no permanent currency or administrative controls on foreign
       investment. In fact, the country is in the prime focus of private equity and venture
       capital because of the quality of its enterprises and investment conditions.

       Invest in Germany GmbH, located in Berlin, Chicago, San Francisco, Shanghai, and
       Tokyo offers practical and free of charge assistance to foreign companies in providing
       detailed information about Germany’s legal and corporate framework, connecting
       investors with the regional economic development authorities throughout Germany who
       will assist the investor in locating suitable sites for manufacturing, R&D, headquarters
       and back-office operations, and helps them with the application for investment

       For more information please visit:



Anna-Louisa-Karsch-Strasse 2, 10178 Berlin
Tel +49 30 206 570 • Fax +49 30 206 571 11

4F, 2 Minsheng E Rd, Sec 3, Taipei
Tel +886 2 2501 6188 • Fax +886 2 2501 6139
                             The Place to Do Business

       New Business Climate
       Greece has been busy at work to create one of the most attractive business
       environments in Southeast Europe. And our efforts have been paying off handsomely.
       Attractive investment laws, cutting-edge transport and telecommunications
       infrastructure, and bright prospects for the future make Greece the place to do

       The Competitive Edge
       Greece’s current performance in the European Union places it among the best
       performing economies in the Eurozone. Above average growth, low inflation and a
       business climate designed to encourage growth and entrepreneurship translate into
       investment opportunities that deserve close attention.

       Market Access
       Companies are discovering that having regional headquarters in Greece provides them
       with easy access to many countries such as the markets of the EU, Southeast Europe,
       the Middle East and North Africa, unsurpassed market knowledge and an incomparable
       standard of living.

       Investment Incentives
       Greece’s investment law targets the needs, priorities and requirements of businesses in
       today’s tough global environment. The Greek government understands that business
       investment today demands above average incentives, the right opportunities and low
       operating costs.

       Operating costs are highly competitive and are among the lowest in the EU.

       Taxation Regime
       Greece’s investment incentives are designed to attract new business. The progressive
       and attractive tax regime is designed to keep business in Greece for the long term.
       Corporate tax rates have dropped and in 2007 the rates will be among the most
       competitive in Europe.

       Greece offers unmatched investment potential in a whole spectrum of sectors,
       from tourism to high-tech, from energy to agriculture. Investors will find in Greece
       today possibilities to develop growth-oriented businesses that take advantage of
       unprecedented opportunities. Tourism is slated to grow from more than 12 million
       visitors a year today to 20 million by 2012. Dynamic technological sectors such as
       biotechnology, modern medicine and the food industry present impressive growth
       worldwide. Greece’s research labs and scientists are actively participating in today’s
       knowledge-based economy and are eager to develop new win-win relationships.


       Hellenic Center for Investment will assist you in all your investment plans at every stage
       of the process without charge.

       For further information please contact us at:

                                                            1200   2012   2000



3, Mitropoleos Street, Athens 105 57
Tel +30 210 3355700 • Fax +30 210 3242079

      Ten reasons why Hungary is the ideal investment location in
      Central Europe

           The conditions for the transition were more favourable for Hungary since the country
           had the region’s most liberal economy before the collapse of the Iron Curtain. Many
           steps have been taken toward a market economy before the political turnaround.

           of the EU.

           After 1989, Hungary started its reintegration in the world economy. The country opened
           up to foreign direct investments, and liberalized its trade regime. Privatization began,

           The EU accession of Hungary is a great tribute to a successful transition from a
           centrally planned economy to a robust, fully functioning market economy, deeply
           integrated into the European economy.

           inflow of EUR billion 3.5-4 per annum. Knowledge-based economic branches (such
           as R&D centres) and other high value-added services (such as shared service centres,
           SSCs) account for an increasing share related to traditional industries.

           The quality of life that Hungary offers foreign investors and employees in Budapest and
           throughout the country is an important factor when businesses consider locating here.

           Expats working in Hungary for extended periods have so far not been disappointed:
           they have found living in Hungary pleasant and Budapest exciting and less expensive
           than other major European capitals. Moreover, the country boasts a rich and
           internationally recognised culture, distinctive cuisine, superb wines, a centuries-old spa
           tradition, excellent schools, and numerous leisure activities and facilities.

           With its millennium-old culture and awe-inspiring technological legacy, it is no wonder
           world business makes Hungary its central European home.


                                                          2004   35   40
                                                                           hared service centres,



1061. Andrássy út 12., Budapest
Tel +36 1 472 8100 • FAX +36 1 472-8101

3F, No. 97, Jingye First Rd., Taipei
Tel: +886 2 8501 1200 • Fax +886 2 8501 1161

          The Irish economy has performed very strongly over the past number of years. Today,
          over 1,000 overseas companies have substantial international operations in Ireland.
          These include many of the leading companies in
          ICT - information communications technology (software & hardware)
          Life Sciences – Pharmaceuticals, Biotechnology and Medical Technologies
          International Services
          International Financial Services.

          of Ireland and its people. Ireland continues to win international investments because
          it is recognised as a business location where companies can innovate and make

          collaborative research in Ireland, with decisions by Cisco, GSK, IBM, PepsiCo, Georgia
          Tech, Wyeth, Eli Lilly, Medtronic and Avaya to establish R&D activities in the last year.
          Ireland has also developed into a centre of excellence for a wide range of international

          Corporate Treasury Management and International Insurance Operations.

          Ireland and IDA Ireland continue the transition to more high-value and knowledge
          intensive economic activities. Ireland has developed competencies to manage global
          mandates in a range of business integration and headquarter functions such as sales
          and marketing, procurement, supply chain management, regulatory & compliance
          functions and intellectual property management.

      Why Ireland? Because it has

          IDA Ireland is the government agency responsible for international inward investment.
          We attract the type of investment that will exploit the wealth of skills, expertise and
          knowledge in Ireland: “We will win for Ireland, its people and its regions, the best
          in international innovation and investment so as to contribute to the continued
          transformation of Ireland to a world-leading society which is rich in creativity, learning
          and personal and social well-being”.
                                                    IBM   Georgia Tech   Eli Lilly
                                Medtronic   Avaya


Room 7B-09, Floor 7
Taipei World Trade Centre
5 Hsin Yi Road, Section 5
Taipei, Taiwan
Tel +886 22 725 1691
Fax +886 22 725 1653

         With almost 60 million consumers, the fourth largest GDP and per-capita income
         in Europe, and a strategic location in the Mediterranean reaching out to 400 million
         Europeans and to 250 million people in North Africa and the Middle East, Italy is an
         interesting market replete with opportunities for expanding businesses.

        Among the many assets of Italy as an ideal FDI destination is its
        impressive infrastructure which includes
         - 53,000 km road (about 16,2 % of the total European network);
         - 16,356 km railroad (for 473 million passengers and 90 million tons freight per
         - 148 ports along 7,400 km of coastline, with 280 km of docking areas, and a

         - 20 international airports, 2 major hubs (Rome and Milan) and around 100
           million passengers per year.

         Italy is also a knowledge-based society with 74 Universities, 6,500 graduate courses,
         200 public R&D centers, and about 40 science and technology parks where a close
         interaction is ensured among companies, universities, public administrations and
         financial institutions. The education level of Italians guarantees the availability of a
         highly skilled work force.

         Despite the Euro’s appreciation, overall business costs in Italy over the past two years

         for the Biotech sector and second for R&D product testing, chemicals and electronics.
         Italy plays a leading role in the European ICT market where it maintains a share of 11%
         of the total with a turnover of about 65 billion Euros.

         Key sectors of investments in Italy are aerospace, auto components, chemicals, ICT,
         life sciences, logistics, nanotechnologies, tourism, food & beverages.

         Recent reforms of the legal framework for foreign companies willing to invest in Italy
         include: faster procedures for establishing new businesses, reduction of corporate

         and more transparent rules for corporate governance especially with reference to

         Several incentives are available at national and local level to support entrepreneurial
         development, to create new business, to provide global services to start-ups, to
         promote research, innovation, and training activities.

         locations, dealing with public administrations, obtaining subsidies, and expanding
         operations. The web site of the organization is
                                                               4                 2.5


                                                -53,000        (                         16,2%)
                                                -16,356                       4.73            9
                                                -7,400                  148            280                    550,000
                                                      8 5           4.7
                                                -20                                                 10

                                                                                         74       6,500             200

                                                                         (ICT)                              11%



Room 1808, 18F, 333 Keelung Rd, Sec 1, Taipei
Tel +886 2 2345 0320 • Fax +886 2 2757 6260

         The baltic country of Latvia is located at the crossroads of northern and eastern
         Europe, on the east coast of the Baltic Sea. The strategic location of Latvia places it
         strategically on the east-west trade and energy transit routes.

         Latvia is an upper middle income country with a gross national income per person
         of 5526,7 EUR (2005). It has a population of some 2.3 million, more than a third of
         whom live in the capital city of Riga. Riga is the capital of the Republic of Latvia, the
         administrative and political centre of the country and the largest city in the Baltic states.

         Riga accounts for 54.1% of the total industrial produce in Latvia and is located

         labour force is also one of many competitive advantages of Riga. With 37 university
         with 135,8 students per 1000 inhabitants, this indicator is one of the highest in Europe.

         The country has reached the final stages of transition to a market economy. It has
         recorded impressive economic growth, with real annual GDP growth of 8,6% in 2004
         and 10,2% in 2005. Most markets have been liberalized, privatization is close to
         completion, and the needed improvements in legal reform, institutional development,
         and the social safety net are being implemented.

         According to the EU Statistical Bureau “Eurostat’s”, Latvia’s national debt - 12.1
         percent of the gross domestic product (GDP) - was the third smallest in the EU in 2005.

         The government and local authorities are committed to further improving the legal
         and administrative environment for foreign and local business ventures wishing to
         establish themselves in the country. As an example, the standard rate of Corporate
         Income Tax from January 2004 was reduced to 15%. Company registration procedures
         in Latvia are fast and streamlined, allowing for the establishment of a business within
         two business days; preferential work and residence permit formalities for key company
         personnel are also in existence. The government of Latvia has also developed state
         support programs for enterprises registered in Latvia.
                                                                 2005                    55267    230

                                                          37                     135.8

                                        GDP        2004   2005          8.6%   10.2%

                                                           2005                    GDP    12.1%

                                        2004                               15%

Perses Street 2, Riga, LV-1042
Tel +371 703 9400 • Fax +371 703 9401

        There are many miracles happening around us, we just have to appreciate them.
        Actually, for some it is miraculous when the grass becomes green in spring, and when
        the snow makes the grounds shining white in Lithuanian winter. Likewise, the last
        15 years for Lithuania were a continued miracle – transforming from a former Soviet
        republic with a centralised state economy to a democratic member of the EU and
        NATO with a stable free market, and showing the most dynamic growth in Europe over
        the last 5-6 years, as well as inspiring some neighbouring countries to follow our suit of

        between six and ten percent annually. Lithuania’s GDP jumped 10.5% in 2003, 7%
        in 2004 and grew further by 7.5% in 2005. The World Bank announced that the GDP

        the 8 new EU Members. During 2005 Lithuanian exports increased by more than 27%,
        imports by 25%, and cumulative FDI rose by approximately 16%. Lithuania’s foreign
        trade has been the most active of the three Baltic States in 2005-2006 and one of the
        most successful in the EU in the 1st half of 2006.

        Lithuania has the biggest economy among the Baltic States, producing about half of
        the GDP of the Region. Moreover, the European Commission acknowledged Lithuania
        as a prime transport centre in the region linking the EU with the East. Also, the country
        applies one of the smallest tax burdens for businesses among the EU countries.

        The Lithuanian Development Agency invites foreign businesses to use the opportunity
        to expand their activities to the boosting Lithuanian market as well as calls associated
        business promotion enterprises to launch cooperation projects.

        The Lithuanian Development Agency, a non-profit organization under the

        support for starting a business in Lithuania by

       - providing detail information on the local market;
       - servicing investors through the investment decision process;
       - organizing site and company visits;
       - identifying local suppliers and sourcing.

                                                            GDP                    6%    10%      2003
                                                2005    10.5% 7%     7.5%                          2006
                                                GDP                         2005               27%
                                                  25%               16%                 2005   2006

                                                                             GDP    50%


Sv. Jono str. 3, LT-01123 Vilnius
Tel +370 5 262 7438 • Fax +370 5 212 0160

      Located in the heart of Europe, Luxembourg is an ideal gateway to the European
      market with over 450 million consumers. Due to its political and social stability, skilled
      and multilingual workforce, modern infrastructures, excellent connectivity to markets,
      pro-active economic development policy, favorable legal environment and attractive tax
      climate, Luxembourg offers an exceptional range of assets and opportunities for doing
      business in Europe, is a leading international financial center and a prime business

      Lately, the government has put an increasing emphasis on emerging and innovative
      technology-based activities such as ICT, e-commerce, media, automotive components,
      materials, plastics, logistics and environmental technologies, making Luxembourg.
      home to some of the most successful global companies

      More recently, Luxembourg has become home to the ‘stars’ of the ICT sector: AOL,
      Amazon, eBay and Skype are household names that have a presence in Luxembourg
      and renowned foreign investors have chosen Luxembourg as a base for their European
      operations like Goodyear, Delphi, Dupont de Nemours and Avery Dennison from the
      United States, Fanuc from Japan as well as Sam Hwa Steel and Hyosung from Korea.

      Small is beautiful! The modest dimensions of the Luxembourg economy are the key to
      explaining its historic openness to larger markets. With a population of only 460,000,
      foreign trade is the main vector for economic growth. More than 80% of the goods and
      services produced in the Grand-Duchy are exported almost entirely (up to 85%) to the
      European Market.

      Luxembourg is pursuing an active policy to geographically diversify its trade. In this

      Luxembourg has at its disposal a number of offices in Asia operating within the
      framework of the Luxembourg Board of Economic Development located in China,
      India, Japan and South Korea, which are promoting Luxembourg as a prime location
      for Asian companies eager to expand into Europe and are assisting Luxembourg-based
      businesses in their exporting endeavors.

      Looking at the present state of affairs of the economic relations between Luxembourg
      and the countries of the Asia-Pacific region, we are convinced that there are many
      more business opportunities to be seized up by entrepreneurs. Therefore, should you
      consider transferring to or expanding your production, service or sales activities in

                                                  eBay   Skype
                                                                                    Delphi   Dupont de
                                            Nemour   Avery Dennison         Fanuc



19-21, boulevard Royal, L-2914 Luxembourg
Tel +352 478 4129
Fax +352 26 20 27 68

         Malta Enterprise, the national agency responsible for promoting trade and industrial
         development, provides a comprehensive range of services and incentives aimed at
         attracting and supporting foreign direct investment in the country. The corporation
         offers a competitive package of incentives including tax credits, loan guarantees, soft
         loans, interest rate subsidies, training assistance and premises at competitive rates
         targeted at manufacturing and service companies.

         Malta is home to over 200 foreign owned companies with electronics and hi-tech
         industries being the fastest growing sectors on the island. Other leading industries
         include the pharmaceutical sector, ICT sector, R&D and service industries. Multinational
         companies operating in Malta, among others, include HSBC, Microsoft, Oracle,
         Crimsonwing Ltd, Trelleborg, Lufthansa Technik, ST Microelectronics, Siegfried and

        Malta’s Comparative Advantages

         Italian, French and German are also spoken. This facilitates access to worldwide
         markets plus offers similar business, accounting and legal frameworks as the UK

         Malta’s central location in the Mediterranean makes it easily accessible both from North
         Africa and Europe. Malta can act as a bridge between continental Europe and North
         Africa for its ability to establish long-term contacts with persons from both continents
         eliminating any cultural differences there might be.

         Malta is the 4th cheapest place in the EU for conducting business according to a study
         conducted by DHL. Malta enjoys a 30 to 40% lower cost of doing business when
         compared to Western Europe. This applies to salaries and general business costs such

         a critical factor in the success of all these industries.

         Malta has state-of-the-art telecommunications networks. In the last 5 years massive


         Further information on the advantages of setting up in Malta contact: www.

                                                               Crimsonwing Ltd Trelleborg   Lufthansa Technik   ST
                                            Microelectronics Siegfried Playmobil



Enterprise Centre, Industrial Estate, San
Gwann SGN 09
Tel +356 2542 0000 • Fax +356 2542 3401

          The Netherlands is one of the 6 founding member states of the European Union. The
          country shows a number of similarities to Taiwan. It is about the same size, covering
          41,526 square km., It also has a high density of population (482 people per sq. km, vs.
          625 per sq. km. in Taiwan). More than 60% of its people live in the western part of the
          country. The total population of the Netherlands is 16.33 million.

          The Netherlands is the gateway to the most highly developed part of the EU. Some
          170 million consumers reside within a 500-kilometer radius of Amsterdam, making
          it a highly lucrative market. Every major economic center in western Europe can be

          More than 5,000 foreign companies, large and small, have already established
          operations in the Netherlands; among them are about 200 from Taiwan. Their
          decision to locate in The Netherlands is due to

          The Netherlands Foreign Investment Agency (NFIA) is a government-sponsored

          any other kind of business unit in The Netherlands.
                                                     41,526                                                 (        482
                                                                           625   )   60%

                                                                                                1   7


                                                                     (Netherlands Foreign Investment Agency; NFIA)

                                                                                           : info n

5F, 133 Min Sheng East Road, Section 3, Taipei
Tel: 02-2713 5760 ext. 170; 02-2514 8232
Fax: 02-2713 0194
Email:                    m
 an exciting place for investors

                 Poland is a country of extensive opportunity, with considerable economic potential. Its
                 features include a stable democracy, an established market economy, close and good
                 relationships with other countries from the region and an active involvement in the EU,
                 WTO and NATO. It is an unquestionable economic and political leader in Central and
                 Eastern Europe. It is a trustworthy and reliable partner for international business. All of
                 these factors contribute to a positive, investor-friendly climate in Poland.

                 the level of USD 10 billion. To ensure this high level of the FDI inflow, Poland offers
                 investors various forms of state aid, such as financial grants for new investment,

                 real estate tax exemption, as well as low corporate income tax (19%). Its location at
                 the very heart of Europe and one of the highest in the region economic growth makes
                 Poland an exciting place for investors from around the world.

                 Poland is a large country of opportunities especially in the light of significant and
                 constant development of sectors. Special stress should be put on the automotive
                 branch. Entrepreneurs from the chemical and pharmaceutical sectors are continuing
                 their investments in Poland. The capital is also pouring into metals and metal products.
                 International corporations see Poland as an excellent location for transferring non-
                 production functions of a company, such as the accounting department or call centres.
                 Poland is becoming the European centre of modern Business Offshoring Centre

                 The Polish Information and Foreign Investment Agency was established to increase the

                 access to information regarding economic and legal investment environment, as well
                 as advice in each phase of the investment process. It helps in finding a convenient
                 investment location and obtaining investment incentives.

                 PAIiIZ supports the activities of Polish entrepreneurs abroad. It promotes export of
                 Polish products and services on the international market, as well as Polish foreign
                 investments. The Agency takes part in preparing export support programs.
                                                              2006   100

                                                        CIT                19%


Poland, 00-585 Warszawa, ul. Bagatela 12
Tel +48 22 334 98 00 • Fax +48 22 334 99 99

Suite 2006, 20F, No. 333, Sec. 1,
Keelung Road, Taipei
Tel +886 2 2757 6325 • Fax +886 02 2757 6086
 A modern economy in the EU

               Portugal has always laid the success of economic and financial integration in a
               gradualist strategy, with clearly defined objectives, supported by a broad national
               consensus. This evolution created all the conditions for investor’s safety and investment

               Over the last two decades, the country invested deeply in infrastructures. Today
               Portugal presents an impressive network of modern roads and motorways, linking
               all major cities in Portugal and in Europe. The rail system also cover the extent of the
               country and Portugal’s modern seaports prop up an important advantage, particularly
               in comparison with the central and eastern European countries, for multinational
               companies shipping products throughout the world.

               Public politics pinpoint a crucial awareness to fundamental issues such as education,
               science and technology. Today, Portugal has a strongly internationalized scientific
               community. From electronic banking and automatic motorway tolling to interactive
               digital television and mobile phone payment systems, Portugal became a world leader
               in several areas of cutting-edge technology.

               Today, business success depends a lot on the quality of telecommunications. As such

               communications network, 100% digital with 100% ISDN connection coverage.

               One major advantage rests in Portugal offering one of the lowest corporate tax rates
               of the European Union (27.5%) and an incentive support for investment considered by
               Ernst & Young as the most competitive incentives programs in European Union.

               Despite all developments the country keeps its reformist momentum. A new legal
               framework for firm licensing and incorporation was introduced. It shortens decision
               time, reduces bureaucracy and simplifies procedures. The outcome is a dramatic
               reduction of hassle and time to the investor. After this reform, Portugal become one of

               with European best practices.

               Already a renowned country, Portugal’s strong economic fundamentals and its superior
               investment climate keeps the country on the corporation’s investment shortlists.
                                                        100%   ISDN   100%

                                                    27.5%                    Ernst &

Edifício Península, Praça do Bom Sucesso
127/131, 7º S.702, 4150-146 Porto
Tel +351 2260 55300 • Fax +351 2260 55399

      Reason to invest
      When considering Romania as a possible location for developing their businesses, the

      Market & Location Advantage:
      One of the largest markets in Central and Eastern Europe (over 21 million inhabitants)
      Attractive location:
      allowing an easy access to the countries of the former CIS countries, Balkans, the
      Middle East and Northern Africa
      Attractive location:
      at the junction of three prospective European transportation corridors nor. 4, 7 & 9
      Resource Advantage
      Skilled labor force, with solid knowledge in technology, IT and engineering
      Rich natural resources, including fertile agricultural land, oil and gas
      An important potential for tourism
      Political Advantage
      Stable executive power
      Stability factor in the Area -NATO member
      Stability Guarantee in South Eastern Europe
      EU membership on January 2007
      IR Advantage
      Bilateral agreements between Romania and other countries for investments
      promotion and protection
      Bilateral diplomatic relations with 177 out of 191 UN member states
      Member of the UN and other international organizations, like: OSCE, Council of Europe
      and International Organization of La Francophonie
      Free trade agreements with EU, EFTA countries, CEFTA countries
      WTO member since January 1995
      Economical Advantage
      Sustainable economic growth
      Functional Market Economy status

      Improving Infrastructure Advantage
      Well-developed networks of mobile telecommunications in GSM systems
      A highly developed industrial infrastructure, including oil and petrochemicals

      A newly developed highway infrastructure
      Commitment to improve the highway infrastructure to EU standards
      Extensive maritime and river navigation facilities
      Social Advantage
      Agreement between Government and Major Unions
      No major Union Movements
      Permanent dialogue with the employees associations
      Labor relations regulated by the Labor Code
      Legislative Advantage Legislation compatible with Acquis Communautaire
      Similar legal provisions as in EU



                                               1995   1


                                                                      (Acquis Communautaire)


22, Primaverii Blvd., District 1, Bucharest
Tel +40 21 2339103 • Fax +40 21 2339104

                   Slovakia is generally recognized as an open market economy whose ability and
                   willingness to pay its liabilities puts it, according to prestigious rating agencies
                   like Standard&Poor’s, into high investment level becoming so a leader of the
                   Central European region.

                                  2002        2003        2004        2005      2006 (F)    2007 (F)
        Real GDP growth           4.6%        4.5%        5.5%        6.1%        5.6%        5.7%
                                  3.3%        8.5%        7.5%        2.7%        2.5%        2.2%
                                 17.8%       15.2%       14.3%       11.6%       11.0%       10.0%
                                 4 903.8     973.0       838.4       648.7       2 500.0     2 000.0
           1EUR/SKK               42.70      41.49       40.05       38.59        37.80       37.13
      Export (in EUR million)   15 270.1    19 354.5    22 355.0    25 743.5    30 935.7    36 186.6

                   Report, November 2005
                   Eight years ago Slovakia embarked on an ambitious plan of deep structural
                   reforms with a vision to become one of the best business locations within the
                   European Union. Today Slovakia is widely seen as a success model to other
                   EU countries for creating an investment and business-friendly environment with
                   educated and creative people, blossoming science and technology sectors
                   producing high-quality innovative products and services.
                   In the last 3 years the Slovak Government has undertaken a line of
                   comprehensive and deep structural reforms:

                   double taxation, 0% dividend tax; Banking & Finance –the banking sector has
                   been privatized with 97%foreign ownership; New Labor Code – recognized

                   Reform – introduction of market principles into the health care system; Social
                   System Reform – new measures to avoid abuse of the social system; Act of
                   Commercial Registry – speeding up registration procedures and issuance of
                   trade licences;
                   State Aid
                   The State aid intensity in Slovakia varies between 20% and 50% of the eligible
                   investment costs focusing on projects from the high-tech sector and strategic
                   services. Today’s best business opportunities can be found in these areas:
                   R&D Design & Innovation, Technology Centres, ICT & SW Development, BPO,
                   Regional Headquarters, High-tech sectors.
                   Investment Incentives Program:
                   There are five forms of investment incentives (tax relief, financial grant, job
                   creation grant, training grant, discounted price for land).
                   Assuring the highest transparency new rules were applied from November
                   2005: Division of Slovakia into 3 zones - based on the unemployment level,
                   preference to zones with higher unemployment; Division of investment project
                   into 3 categories – with preference on high-tech sector & strategy services
                   Minimum Conditions and regulations for: minimum investment volume, share
                   of investment cost to modern technology, educational structure of employees,
                   additional criteria for tax relief; Faster and more transparent negotiations -
                   company can calculate by itself the amount of State aid.
                   A range of free of charge services to companies looking to invest in Slovakia
                   is provided by the government investment promotion agency Slovak
                   Investment & Trade Development Agency (SARIO).
                   Legislative conditions on Financial Market Investment (capital, banking,
                   insurance) can be found on National Bank of Slovakia web page:
                                                                          2002         2003       2004             2005         2006 (F)     2007 (F)
                                                     GDP                  4.6%         4.5%       5.5%             6.1%          5.6%         5.7%
                                                           (CPI)          3.3%         8.5%       7.5%             2.7%          2.5%         2.2%
                                                                         17.8%        15.2%      14.3%             11.6%        11.0%         10.0%
                                                                         4 903.8       973.0      838.4            648.7        2 500.0      2 000.0
                                                                          42.70        41.49      40.05            38.59         37.80        37.13
                                                                         15 270.1     19 354.5   22 355.0      25 743.5         30 935.7     36 186.6
                                                                               2006                         2006       (F)                 2005 11


                                                                                                                                     20%       50%

                                                                                                             2005          11


Martincekova 17, 821 01 Bratislava                             
Tel +421 2 58 260 100 / 101• Fax +421 2 58 260 109

Room 2410, 24F, 333 Keelung Rd, Sec 1, Taipei
Tel +886 2 8780 3231• Fax +886 2 2723 5096
                               JAPTI (Public Agency for Entrepreneurship and Foreign Investments - Division for FDI)
                               is a public entity that assists foreign investors in identifying opportunities for investment
(JAPTI - public agency for     in Slovenia.
entrepreneurship and foreign
investments)                   Slovenia has a great deal to offer to foreign investor. Its competitive strengths are
                               best summed up in a mix of qualities that range from well-developed transport and
                               communications infrastructure with a major port on the Adriatic Sea, to a highly
                               educated workforce, strong business and personal contacts in the Central and South-
                               eastern Europe and last but not the least fascinating landscapes and a stimulating

                               Slovenia’s business environment is becoming FDI-friendly. State-owned enterprises
                               are most attractive sectors as the government is preparing to sell off stakes in those
                               companies and attract higher volumes of FDI. Investors with operations in niche

                               with a pool of specialised suppliers. The economic sectors with most potential include

                               the manufacturing sector, the industries that traditionally attract investors are chemicals
                               and pharmaceuticals, electrical engineering and electronics, metal processing, ICT and
                               paper & pulp.

                               To make Slovenia the location of choice for foreign investors, Slovenia also offers

                               for investment projects in the manufacturing sectors, internationally traded services
                               (Customer Contact Centres, Shared Services Centres, Logistics and Distribution
                               Centres, Regional HQs) and R & D.

                               The continuation of structural reforms, further internationalisation of the national

                               policies have earned Slovenia entry into EMU in the euro changeover on 1 January

                               To provide services at the doorstep of potential business partners and investors, JAPTI
                               will open branches in Dusseldorf, Bucharest, Istanbul and Milan. The most important

                               link potential business partners from host and home country.

                               The Agency’s staff with expertise in the investment process provides free information
                               and advising service for foreign investors. You can contact us at:
               (JAPTI - public agency for
            entrepreneurship and foreign

                                                      2007   1   1



Dunajska 156, 1000 Ljubljana
Tel +386 1 589 18 70 • Fax +386 1 589 18 77,

        There are many reasons to explain why there are close to 12,000 companies with
        foreign capital already established in Spain:

        Spain is an attractive economy, not only being the eighth largest global economy, but
        it also has a GDP growth of 3.54%, above the EU average and surpassing the main
        European economies. It is an economy with low inflation, low interest rates, budget
        surplus and employment growth higher than EU average, where close to two out of
        every three jobs created in the EU during 2005 were in Spain.

        Having a privileged position for Europe’s key markets, North Africa and Latin America,
        Spain is an international business hub that offers a potential market of 1.2 billion
        people. We enjoy an ultra modern transport infrastructure with the airports of Madrid
        and Barcelona among the main European hubs, with excellent maritime connections
        having 53 ports on both the Atlantic and the Mediterranean coasts, and with the 3rd
        largest EU highway network (9,910 km) and the 3rd largest EU railway network (16,529
        km). Spain is also developing an ambitious network of high speed train, targeting 7,200
        km and connecting Spain’s largest cities.

        With salaries well under EU average, an exceptional quality of life and a very reasonable
        cost of living, Spain offers a competitive business environment. Attractive tax system

        countries for large companies, and the second most favourable for SMEs. In addition,
        return on investment ratio (ROI) is higher than the one in the main European economies.

        Spain is also a modern knowledge-based economy with a workforce of 21.1 million
        people and holding the 7th position among OECD countries in percentage of college
        students between 25-34 years.

        With a 99.9% of Spanish telecommunication network digital, mobile penetration rate
        of 90% and over 1,400,000 Km of transmission network, Spain has an advanced ICT

        If you also want to enjoy an exceptional lifestyle, Spain is the 2nd tourist destination in
        the world and is one of the best countries in all the ‘quality of life’ ranks. We also enjoy
        an outstanding and modern health system.

        For further information please visit
                                                                             ,                            ,
                                              3.54%,                                                         ,                 ,
                                                        ,                                                 2005                     ,

                                                                     ,                                        -
                                                            ,        ,              (9,910        )           (16,529         )
                                                                                                          ,                7,200

                                                                                             ,                             ,
                                                                                     ,                            (OECD)
                                                                     ,                           (OECD)                            ,

                                                            (OECD)               25-34                            ,

                                                                                         ,                         99.9%,
                                                 90%,               140


C/ Orense, 58 3ª Planta, 28020 Madrid
Tel +34 91 503 5800 • Fax +34 91 503 5803

104-B1, 49 Minsheng E. Rd, Sec. 3, Taipei
Tel +886 2 2518 4905 • Fax +886 2 2518 4891

        There are few countries that can match Sweden’s potential to benefit from the
        intensifying, technology-driven global competition. Sweden already hosts one of the
        most internationally integrated economies in the world.
        The nation’s competitiveness is manifested by large flows of trade and foreign
        investment. Sweden offers access to new products and technologies, skills and
        innovations, as well as an attractive location and gateway to Northern Europe/the
        Baltic Sea region.
        Low levels of corporate tax, the absence of withholding tax on dividends and a
        favorable holding company regime combine to make Sweden particularly attractive for
        doing business.
        The Swedish growth rate is in the EU’s upper range, trade is at record levels and there

      ISA – Your resource in Sweden
        Whether you are a foreign investor planning to establish or expand business operations
        in Sweden, a consultant, a researcher or a journalist requiring information on business
        and investment opportunities in Sweden, the Invest in Sweden Agency, ISA, is ready to
        provide you with professional assistance, free of charge. ISA is a government agency
        responsible to the Ministry for Foreign Affairs.

      ISA offers assistance with
       - Comprehensive information on business opportunities in Sweden, key business
         sectors and the Swedish economy.
       - Tailor-made information and practical advice on how to proceed when setting up a
         business in Sweden.
       - Introductions to relevant contacts among Swedish authorities, utility providers and
         professional service companies such as lawyers, accountants, relocation specialists
         and recruitment companies.



      Key Facts Sweden

        Population: 9 million                     Currency
        Area: 450,000 sq. km                      1 krona = 100 öre
        (174,000 sq. mi)                          Largest cities
        GDP per capita (2005):                    Stockholm (capital) - 771,000
                                                  (1,890,000 Stockholm county);
                                                  Göteborg- 485,000;
        Exchange rates (average 2005)




                                                                                 1       = 100
                                                      GDP 2005
                                                  292,600        (31,186     ;                           - 77.1
World Trade Center,                               38,038     )                   (               – 189
70 B6, P O Box 90,                                                               Göteborg- 48.5
SE-101 21 Stockholm
Tel +46 8 402 78 00 • Fax +46 8 402 78 78                                        Malmö-27.1
                                                  1    = 7.48                                        1    = 9.28

Room 1101, 11F, 333 Keelung Rd.,
Sec 1, Taipei 110
Tel +886 2 2757 6573 • Fax +886 2 2757 6723
       Join the world’s most successful businesses

        The UK is Europe’s top destination for Foreign Direct Investment and there are many
        reasons for its success.

        As the fourth largest economy in the world, the UK offers immediate access to almost
        500 million consumers in the European Union. With an open and deregulated economy,
        the UK provides a supportive business environment for overseas investors. The UK
        labour market is flexible and the tax regime competitive, especially for R&D, where
        highly competitive tax credits are available.

        Taiwanese investment in the UK continues to grow, over 170 Taiwanese companies
        have an established presence in the UK, generating 15000 jobs, including the European
        Headquarters of Evergreen, D-Link and HTC and 11 Taiwanese banks.

        Access to customers within the UK and Europe is key to the UK’s success as an
        investment location of choice. With modern transport and communications – every

        international airports serves to make London the world’s best-connected business city.

        The UK is a digitised economy with strong ICT clusters and is Europe’s largest software
        and IT services market, with a large high-quality talent pool. It offers a market that
        relishes new and valuable technologies, with a research and business infrastructure
        designed to stimulate and capitalise on innovation.

        instruments, such as the London Stock Exchange and the Alternative Investment
        Market. Access to venture capital is also one of the many reasons so many companies
        choose to invest in the UK each year.

        Prospective investors seeking to grow their business will receive a warm welcome from
        UK Trade & Investment, the UK Government’s international business development
        agency, supporting businesses seeking to establish in the UK and helping UK
        companies grow internationally.

        UK Trade & Investment works closely with its local networks and regional promotion
        partners throughout the UK. For more information on how UK Trade & Investment will
        support your company to realise and achieve its international growth opportunities,
        please contact:

        02 2192 7043
                           170              15000


02 2192 7043
Austria                               Brussels-Capital Region
                                      Brussels Enterprise Agency
                                      Tour & Taxis
                                      Avenue du Port 86 c box 211          6F-1, 51, Keelung Road, Section 2,
Opernring 3, A-1010 Vienna            B-1000 Brussels                      Taipei
Tel +43 1 588 58-0                    Tel +32 2 422 00 20                  Tel +886 2 2738 9768
Fax +43 1 586 86 59                   Fax +32 2 422 00 43                  Fax +886 2 2733 3944
               t                                        e               

Austrian Trade Delegation
Taipei                                Room 601, 131 Minsheng E. Rd,
P.O.Box 118-171, Taipei 105, Taiwan   Sec 3, Taipei
Tel +886 2 2715 5220                  Tel +886 2 2715 1215
Fax +886 2 2717-3242                  Fax +886 2 2712 6258                 Ministry of Foreign Affairs of Denmark
                                                                           2, Asiatisk Plads, 1448 Copenhagen K                          Tel +45 33 92 11 16
                                                                           Danish Trade Organizations’

                                                                           Room 1207, 12F, 205 Dunhua N Rd.,
                                      Tel +359 2 98 555 00
Federal Public Service Economy        Fax +359 2 9801 320
                                                                           Tel +886 2 2718 2101
Vooruitgangstraat 50                                                       Fax +886 2 2718 2141
B-1210 Brussels             
Tel +32 2 277 78 08                                              
Fax +32 2 277 53 06

Flanders Region
Flanders Investment & Trade           Center                               Liivalaia 13/15, 10118 Tallinn
Gaucheretstraat 90                    Ministry of Commerce, Industry and   Tel: +372 6 279 700
B-1030 Brussels                       Tourism                              Fax: +372 6 279 747
Tel +32 2 504.88.71                   6 Andreas Araouzos, 1421 Nicosia
Fax +32 2 504.88.70                   Tel +357 22 867239 / 867 143,
                .be                   Fax +357 22 375 541

Wallonia Region
Ministry of the Wallonia Region
                                                                           K ai vok at u 8, 6t h Fl oor, FI-00100
Rue J Materne 115                                                          Helsinki
B-5100 Namur                                                               Tel +358 10 773 0300
Tel +32 81 33 28 50                                                        Fax +358 10 773 0301
                                      Stepanska 15, Praha 2, 12000
Fax +32 81 33 28.69
                                      Tel +420 296 342 500
                                      Fax +420 296 342 502
                                                                           Room 1505, 15F, 333 Keelung Rd.,
                                                                           Sec. 1, Taipei
                                                                           Tel +886 2 2722 0764
                                                                           Fax +886 2 2725 1517
77, boulevard Saint-Jacques                                              Perses Street 2, Riga, LV-1042
75014 Paris                            1061. Andrássy út 12., Budapest   Tel +371 703 9400
Tel +33 1 4487 1717                    Tel +36 1 472 8100                Fax +371 703 9401
Fax +33 1 4074 7329                    FAX +36 1 472-8101      

Taiwan                                 3F, 97 Jingye First Rd., Taipei
Bank Tower #1401, No 205 TunHwa        Tel +886 2 8501 1200
North Rd                               Fax +886 2 8501 1161              Sv. Jono str. 3, LT-01123 Vilnius
Po-Box 118-1361, Taipei 105                                              Tel +370 5 262 7438
Tel +886 2 2713 3552                        Fax +370 5 212 0160
Fax +886 2 2717 1353

                                       Contact: Corina Tsai
                                       Room 7B-09, Floor 7,
                                       Taipei World Trade Centre,
Anna-Louisa-Karsch-Strasse 2, 10178    5 Hsin Yi Road, Sec. 5, Taipei
Berlin                                                                   19-21, boulevard Royal, L-2914
                                       Tel +886 22 725 1691              Luxembourg
Tel +49 30 206 570                     Fax +886 22 725 1653
Fax +49 30 206 571 11                                                    Tel +352 478 4129
                                                                         Fax +352 26 20 27 68

4F, 2 Minsheng E Rd, Sec 3, Taipei
Tel +886 2 2501 6188                                                     Malta
Fax +886 2 2501 6139
                                                                                   Enterprise Centre, Industrial Estate,
                                                                         San Gwann SGN 09
                                                                         Tel +356 2542 0000
                                                                         Fax +356 2542 3401
                                       Room 1808, 18F, 333 Keelung Rd,
                                       Sec 1, Taipei
                                       Tel +886 2 2345 0320
3, Mitropoleos Street, Athens 105 57   Fax +886 2 2757 6260
Tel +30 210 3355700
Fax +30 210 3242079          
The Netherlands                                                             Sweden
Netherlands Foreign

                                                                            World Trade Center,
5F, 133 MinSheng East Rd,           Martincekova 17, 821 01 Bratislava      Klarabergsviadukten 70 B6,
Sec. 3, Taipei                      Tel +421 2 58 260 100 / 101             P O Box 90, SE-101 21 Stockholm
Tel +886 2-2713 5760 ext. 170       Fax +421 2 58 260 109                   Tel +46 8 402 78 00
    +886 2-2514 8232                                                        Fax +46 8 402 78 78
Fax +886 2-2713 0194      
                                                                            Room 1101, 11F, 333 Keelung Rd.,
                                                                            Sec 1, Taipei 110
Poland                              Room 2410, 24F, 333 Keelung Rd,
                                    Sec 1, Taipei                           Tel +886 2 2757 6573
                                    Tel +886 2 8780 3231                    Fax +886 2 2757 6723
                                    Fax +886 2 2723 5096
Poland, 00-585 Warszawa, ul.
Bagatela 12
Tel +48 22 334 98 00
Fax +48 22 334 99 99                                                             Juliet Su, Investment Advisor
                                                                            9F, 99 Ren’ai Rd, Sec 2, Taipei
                                                                            Tel +886 2 2192 7043
                                    Dunajska 156, 1000 Ljubljana
Suite 2006, 20F, No. 333, Sec. 1,   Tel: +386 1 589 18 70         
Keelung Road, Taipei                Fax: +386 1 589 18 77         
Tel +886 2 2757 6325
Fax +886 02 2757 6086

Portugal                            Spain

                                    C/ Orense, 58 3ª Planta, 28020 Madrid
Edifício Península, Praça do Bom    Tel +34 91 503 5800
 Sucesso 127/131, 7º S.702,         Fax +34 91 503 5803
4150-146 Porto
Tel +351 2260 55300       
Fax +351 2260 55399
                                    104-B1, 49 Minsheng E. Rd,
                                    Sec. 3, Taipei
                                    Tel +886 2 2518 4905
                                    Fax +886 2 2518 4891

22, Primaverii Blvd.,
District 1, Bucharest
Tel +40 21 2339103
Fax +40 21 2339104
             Suite A, 15F, No. 109, Minsheng East Road, Sec. 3, Taipei 105
                                105             109 15 A
Tel: +886 2 2715 0365 Fax: +886 2 2715 0006 E-mail:

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