Japanese textile maker Shikibo to set up subsidiary in Taiwan
TAIPEI, NNA - Japanese textile maker Shikibo Ltd. will establish a wholly owned subsidiary in Taiwan in January next year to promote development, production and sales of long fiber materials and other products, particularly for Southeast Asia.
Shikibo said the subsidiary, the first on the island for the Osaka-based company, will be launched on Jan. 1 with NT$7.5 million (about $268,500) in capital in Taipei's Neihu district.
Shikibo hopes to capitalize on Taiwan's competitive advantage in developing and manufacturing high-quality long fiber materials as well as the local industrial environment, where a large number of small businesses exist, making it advantageous for the company to push ahead with a partnership strategy.
The Taiwanese textile industry's active engagement in developing functional and regenerated fibers also fits in with the orientation of Shikibo's business plans.
"We are placing emphasis on member countries of the Association of Southeast Asian Nations in a bid to promote our global strategy, and how to position Taiwan in it is important to accelerate sales of long fiber materials," a Shikibo official said.
"We decided that launching a subsidiary (in Taiwan) at this juncture is crucial also when considering post-COVID 19 prospects," the official added.
Shikibo currently has overseas business bases in Indonesia, Thailand, Vietnam, China and Hong Kong. (NNA/Kyodo)