Alibaba founder Jack Ma says he will give NT$10 billion (over US$300 million) to help young entrepreneurs in Taiwan. He was speaking on Tuesday to over 2,000 students at National Taiwan University, encouraging them to start their own businesses.
In response to Ma’s announcement, Economics Minister John Deng said Wednesday that Taiwan is a creative place and a good environment for starting a business. Deng said he is glad to see Ma willing to invest money in Taiwan for young entrepreneurs.
"It is a very positive sign that people are willing to put money in Taiwan," said Deng. "That shows that our young people have been doing well. If young people want to start their own business, they can breathe a sigh of relief regarding start-up funds. So from this perspective, this is a very positive thing."
But Taiwan’s Investment Commission has recently found that China-based Alibaba is registered in Taiwan as a Singaporean company, violating regulations on investment from China. Chinese business investment in Taiwan requires the Investment Commission's approval because of national security concerns. Deng said that the economics ministry welcomes foreign investment in Taiwan, but that it must be done in accordance with the law.