China Mobile got the permission to open a local office in Taiwan. This is the first time a mainland telecoms company has been allowed to establish a presence in the breakaway republic.
The world’s largest mobile operator in terms of number of subscribers plans to set up a wholesale outlet for selling electronics goods.
Previously, China Mobile wanted to grab a 12% stake in Taiwan’s mobile network Far Eastone though a new shares offering for $560 million. Far EasTone’s shareholders cleared the deal, but regulators said it ain’t gonna happen.
“The telecommunications sector is not yet open to Chinese investors, so any Chinese investment — direct or indirect — is not allowed,” said Fan Liang-tung, an economics ministry official.
All those restrictions are kinda stupid and at the end I’m sure Taiwan will be open for investments from the mainland China, just as it is open for investments from other countries. After all, if U.S. can take Chinese money to finance its deficit, what’s Taiwan’s problem? 😉
[Via: CellularNews]