Last week, the ruling pro-independence Democratic Progressive party, headed by embattled president Chen Shui-bian, renamed two of its flagship enterprises to Taiwan Post and CPC Corp, Taiwan respectively, along with several other companies.
Agency sources said that while the move was not likely to directly affect investment and stability in Taiwan’s business community, they slammed it as a “waste of money”. The companies claim the cost will around US$2 million, but critics of the move have pegged the cost much higher, with a minimum outlay closer to US$30 million. “By changing names and branding, they have to spend a lot of money,” said one source. “But they have spent no money in helping Taiwan’s business sector to make it more competitive.”
According to reports, the top-level rebranding exercise is considered part of a strategic shift by the Government to more clearly identify Taiwan, avoiding confusion with companies from China.
But watchers say it’s a politcal move by Chen aimed at regaining lost ground ahead of the 2008 elections.
Chen has had a difficult 12 months with the party faithful increasingly disillusioned with the Government, which was the target of widespread protests last year.
