Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market
Date：2024-12-14
Data Source：Department of European Affairs
December 14, 2024
No. 461
To assist Ukraine in revitalizing its domestic insurance market and to boost international investment interest in Ukraine, Taiwan has agreed to allocate €4 million from the TaiwanBusiness-EBRD Technical Cooperation Fund for the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) initiative led by the European Bank for Reconstruction and Development (EBRD). The donation agreement was signed in Taipei on December 2 at a ceremony witnessed by Deputy Minister of Foreign Affairs Tien Chung-kwang. It was signed on behalf of Taiwan by Jonathan C. Y. Sun, Director General of the Department of International Organizations at the Ministry of Foreign Affairs, and by Director for Donor Partnerships Camilla Otto on behalf of the EBRD.
The EBRD held a ceremony to launch the URGF in its London headquarters on December 12, which was attended by Taiwan Representative to the United Kingdom Vincent C. H. Yao. In his remarks at the event, Representative Yao said that Taiwan staunchly supported Ukraine and looked forward to working with like-minded democratic allies to assist in Ukraine’s reconstruction through the URGF mechanism.
Due to the Russia-Ukraine war, international reinsurance companies have had reservations about providing coverage for businesses operating in Ukraine. The EBRD thus aims to raise €110 million via the URGF mechanism so as to provide additional guarantees for potential losses incurred by war-related risks. This will increase international investor confidence and, in turn, accelerate economic recovery and improve the lives of the Ukrainian people. France, the United Kingdom, Norway, the European Union, and Switzerland have also pledged to donate to the URGF. (E)
Foreign Minister Lin hosts welcome luncheon for Polish parliamentary delegation led by Deputy Senate Marshal Kamiński
Date：2024-12-13
Data Source：Department of European Affairs
December 13, 2024
No. 459
Minister of Foreign Affairs Lin Chia-lung on December 12 hosted a luncheon to welcome a parliamentary delegation from the Republic of Poland led by Deputy Senate Marshal Michał Kamiński. During the event, the two sides exchanged views on regional developments, Taiwan-Poland relations, and economic and trade exchanges.
Minister Lin pointed out that both Taiwan and Poland had previously gone through periods of authoritarian rule but had since chosen the path of democracy. He remarked that bilateral relations had steadily advanced in recent years in such areas as the economy, trade, higher education, law enforcement, and science and technology. Minister Lin also affirmed that Taiwan would continue to work with Poland and other like-minded countries to bolster democratic resilience, deepen Taiwan-Europe economic and trade linkages, and forge resilient democratic supply chains throughout the world.
Furthermore, Minister Lin noted that the Polish-Taiwanese Parliamentarian Group released statements in April last year and May this year advocating Taiwan’s international participation and expressing concern over peace and stability across the Taiwan Strait. He thanked friends from the Polish parliament for taking such concrete action in support of Taiwan and added that he looked forward to further collaborating in the future and deepening bilateral interactions and exchanges.
In his remarks, Deputy Senate Marshal Kamiński stated that Taiwan and Poland could learn from each other through exchanges in such fields as culture, the economy and trade, science and technology, and academia. He also said that due to Poland’s considerable economic development potential, many major Taiwanese enterprises had already invested in Poland, including Chi Mei Frozen Food and Compal, and that he anticipated that even more Taiwanese businesses would seek to develop market opportunities in Poland.
Taiwan and Poland share such universal values as freedom and democracy. In the future, the two countries will continue to work closely together to jointly promote prosperity and progress and protect hard-earned democratic achievements. (E)
Deputy Foreign Minister Wu to attend Somaliland presidential inauguration as special envoy of President Lai
Date：2024-12-11
Data Source：Department of West Asian and African Affairs
December 11, 2024 No. 458
President-elect of the Republic of Somaliland Abdirahman Mohamed Abdullahi, who represents the Waddani National Party and previously served as speaker of the House of Representatives, will be sworn into office on December 12 following his election victory on November 13. Deputy Minister of Foreign Affairs François Chihchung Wu, serving as special envoy of President Lai Ching-te, is leading a delegation to Somaliland to attend the inauguration ceremony and extend congratulations on behalf of the government and people of Taiwan. His visit underscores the friendly relations between the two democratic countries.
Deputy Minister Wu arrived in the capital city of Hargeisa at noon on December 11. He was met at the airport by Deputy Minister of Foreign Affairs and International Cooperation Rhoda Jama Elmi on behalf of the Somaliland government. Representative of the Republic of Somaliland Representative Office in Taiwan Mohamed Omar Hagi Mohamoud and representative of the new government’s transition team Khadar Hussein Abdi were also there to welcome the delegation.
Deputy Minister Wu will attend the presidential inauguration and convey a message of congratulations from President Lai to President Abdullahi. He will also meet with outgoing President Muse Bihi Abdi and other prominent political figures, as well as representatives, envoys, and delegations from other nations, to exchange views on the latest international developments.
Somaliland is an important partner of Taiwan in East Africa. The Ministry of Foreign Affairs will continue to promote bilateral exchanges and cooperation across various domains and deepen the friendship between the two sides. (E)
MOFA responds to China’s military activities around first island chain; urges international community to jointly safeguard cross-strait peace and stability
Date：2024-12-11
Data Source：Department of Policy Planning
December 11, 2024
No. 457
China has recently deployed large numbers of PLA Navy and China Coast Guard vessels around the first island chain for days-long military exercises. It has also repeatedly dispatched military aircraft and vessels to harass Taiwan, unilaterally disrupting peace and stability across the Taiwan Strait, unnecessarily escalating regional tensions, and interfering with regular international shipping and trade. The Ministry of Foreign Affairs (MOFA) demands that the Beijing authorities immediately cease their military intimidation and all other unreasonable behavior that is jeopardizing regional peace and stability.
An international consensus has been reached on the importance of maintaining peace and stability across the Taiwan Strait and the Indo-Pacific region. Although cross-strait and regional developments are closely followed by the international community, China continues to ramp up rhetorical and military intimidation against Taiwan. China’s large-scale military buildup around the first island chain has created uncertainty and risk, giving countries in the region cause for concern. This underscores the fact that China is a destabilizing force that is undermining peace and stability in the Indo-Pacific.
China’s provocative actions toward Taiwan and other countries in the region are a clear violation of the United Nations Charter, which stipulates that all countries must refrain from the threat or use of force to infringe on the territorial sovereignty of another country. MOFA solemnly demands that China immediately stop violating international law and demonstrate that it can be a responsible major power.
Taiwan will do its utmost to fulfill its international responsibilities, calmly respond to China’s military threats, staunchly safeguard its sovereignty and national security, and firmly defend democracy and freedom. MOFA urges democratic partners worldwide to unite with Taiwan to jointly counter authoritarian expansionism and encroachment, prevent repeated attempts to unilaterally and deliberately disrupt the status quo, uphold the rules-based international order, and together preserve peace and stability across the Taiwan Strait and the Indo-Pacific. (E)
MOFA welcomes ANZMIN joint statement supporting cross-strait peace and stability
Date：2024-12-07
Data Source：Department of East Asian and Pacific Affairs
December 7, 2024No. 452 Australian Deputy Prime Minister and Minister for Defence Richard Marles and Minister for Foreign Affairs Penny Wong met with New Zealand Deputy Prime Minister and Minister of Foreign Affairs Winston Peters and Minister of Defence Judith Collins in Auckland on December 6 for the second Australia-New Zealand Foreign and Defence Ministerial Consultations (ANZMIN) this year. In the joint statement issued after the meeting, they reiterated the importance of peace and stability across the Taiwan Strait, opposed unilateral changes to the status quo, and expressed concern over the situation in the South China Sea. The Ministry of Foreign Affairs (MOFA) welcomes and appreciates this statement. Australia and New Zealand are important friends of Taiwan in the Indo-Pacific region, and bilateral relations with both countries have made significant strides in recent years. Given that maintaining peace and stability across the Taiwan Strait and the South China Sea has become a global consensus, MOFA invites the international community to continue expressing its concerns and take practical action to uphold the rules-based international order. The Taiwan government will continue to promote values-based diplomacy and work with like-minded countries to advance democracy, peace, and prosperity in the Indo-Pacific. (E)
The bilateral naval exerciseVARUNA 2025, held from19 to 22 Mar 25, brought together Indian Navy and the French Navy, underscoring their enduring partnership.
This edition of the Exercise included exercises ranging across multi domain environments. The structured drills were designed to further fine-tune tactical and operational proficiency in complex scenarios. Advanced Air defence drills with the participation ofRafale-M of the French Navy and MIG-29K of the Indian Navy, simulating realistic combat scenarios, honed the ability of participating units to counter aerial threats jointly.Anti-Submarine Warfare exercises involving Indian submarine and Anti-Submarine frigates of the two forcesfocused on deepening the understanding and proficiency in underwater domain awareness and tactics. Surface warfare operations involved complex coordinated manoeuvres and simulated engagements, showcasing the combined combat power of the participating fleets.Replenishment At Sea exercises by the two Fleet Tankersproved the logistical interoperability and enhanced mutual support and endurance for sustained operations. This edition of the exercise achieved a higher degree of operational coordination between the two navies than the previous editions.
The exercise achieved its aim of enhanced Jointmanship and reinforced the shared commitment to upholding the principles of a rules-based maritime order and promoting stability in the Indo-Pacific. The complex drills provided invaluable operational experience, strengthening the collective capacity to address contemporary maritime security challenges. The exercise facilitated the critical exchange of Best Practices, fostering a deeper understanding of each other’s operational doctrines and enhancing the two navies’ ability to operate seamlessly in complex maritime environments. Since its inception, theVarunaexercise has been a cornerstone of India-France defence relations, with both countries recognising the importance of maritime security and collaborative defence efforts. France and India share a strong commitment to safeguarding global Sea lanes and addressing shared maritime security challenges.
Union Minister Sarbananda Sonowal joins Global Maritime Leaders at Singapore Maritime Week (SMW) Meets key Singapore Ministers to strengthen bilateral maritime & trade ties
Deliberates with ministerial counterparts from France, The Netherlands, Norway & Portugal on navigating Global Maritime Trends at SMW
Posted On: 24 MAR 2025 6:59PM by PIB Delhi
The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal joined Global Maritime Leaders at the Singapore Maritime Week (SMW) to discuss, deliberate and devise strategies based on the shared vision for a secure, sustainable and prosperous maritime future. The Minister highlighted the challenges and India’s vision to channel growth of the maritime sector around that. Shri Sonowal also argued for strengthening maritime connectivity and supply chains while the need for collective effort towards a green sustainable maritime future.
On digitalisation and future ready shipping, the Union Minister reiterated how it is the core strategy of India’s maritime policy. India’s maritime policies like ONOP, NLP (Marine), and MAITRI are streamlining port services, cutting transaction times, and enabling real-time data. India is also partnering with the UAE and Singapore to create Virtual Trade Corridors for seamless cargo movement.
Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “India’s maritime vision, rooted in ‘Vasudhaiva Kutumbakam’, promotes collaboration and shared prosperity. As a reliable and responsible partner, India is committed to building a green, secure, and inclusive maritime future. Alongside Singapore and global partners, we aim to drive innovation and collective action for a resilient maritime ecosystem.”
Shri Sonowal met Senior Minister and ex PM of Singapore, Lee Hsien Loong at the SMW. Union Minister was ushered to the bilateral meeting with Murali Pillai, Minister of State, Ministry of Law and Ministry of Transport, Singapore. The Union Minister also held individual meetings with other senior members of the government including Dr Tan See Leng, Minister for Manpower and Second Minister of Trade and Industry, Singapore; Vivian Balakrishnan, Minister for Foreign Affairs, Singapore. Sonowal said at the SMW that India is addressing supply chain vulnerabilities by developing key corridors like IMEEC, the Eastern Maritime Corridor, and the North-South Transport Corridor to secure trade routes. A USD 20 billion investment would enhance logistics, port connectivity, and trade facilitation. India targets a top-five global shipbuilding rank by 2047 through policy reforms and infrastructure upgrades. Ports aim to grow their global cargo share from 6% to 15% by 2047, supported by a Maritime Development Fund for fleet and shipyard expansion. The GIFT City is also rising as a global hub for maritime finance and ship leasing, offering a competitive gateway to global capital, highlighted Shri Sarbananda Sonowal at the SMW Adding further, he said, “The maritime sector faces both challenges and opportunities, from climate change and geopolitics to digital disruption and shifting trade patterns. Guided by PM Narendra Modi’s vision of Viksit Bharat and Atmanirbhar Bharat, India is advancing as a modern, self-reliant, and globally connected economy. The maritime sector is key to driving growth, resilience, and sustainable connectivity. India is expanding port infrastructure, integrating logistics, and boosting ease of doing business—resulting in greater port efficiency, stronger cargo flows, and growing investor confidence.”
In his concluding remark, Shri Sarbananda Sonowal said, “Sustainability is central to India’s maritime strategy. We are advancing green port infrastructure, promoting low-emission shipping, and supporting innovation in low-carbon vessels. Three Green Hydrogen Hub Ports— Kandla, Tuticorin, and Paradip—will drive alternative fuel adoption and green hydrogen production. India is also leading the IMO’s Green Voyage 2050 initiative, helping developing nations in their energy transitions. Our commitment, under the leadership of Prime Minister Shri Narendra Modi ji, extends to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, focused on clean energy and smart logistics. Oceans unite us. Through partnerships, we can turn today’s maritime challenges into shared, sustainable opportunities.” Sarbananda Sonowal also met Industry Captains including Jeremy Nixon, Global CEO, ONE and Masashi Hamada along with other corporate leaders from the Maritime Sector including APM Terminals, Gateway Terminals.
Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales BAANKNET Portal ensures Transparency with automated KYC and Secure Payments
Posted On: 24 MAR 2025 6:18PM by PIB Delhi
In order to boost the sale value realized through bank e-auctions, Public Sector Banks(PSBs) were requested by Department of Financial Services to redesign their e-auction platform. The platform “e-BKray” was launched on 28th February, 2019. In order to further streamline the listing and auctioning of assets of Banks, a revamped e-auction portal named “BAANKNET” was launched on 03rd January, 2025.
The salient features of the BAANKNET portal are as follows:
State-of-the-art Innovative Platform: A cutting-edge property listing and e auction platform specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans through efficient property auctions.
Robust Architecture: Ensures seamless reliability and accessibility for users through both mobile and web interfaces, making it easy for stakeholders to interact with the platform.
Automated KYC and Secure Payment Gateways: Integrates advanced Know Your Customer (KYC) tools and secure payment gateways, ensuring a transparent and secure auction process.
Comprehensive Property Listings: Offers a convenient solution from property “search” to “sale” for all types of properties across India, streamlining the entire auction journey.
Simplified Navigation: Provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.
Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.
Transparency and Seamlessness: Guarantees transparent, efficient, and seamless auction processes, enhancing stakeholder trust and confidence.
Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.
The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases. By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process.
All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.
This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Lok Sabha today.
Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs Government has announced a new Loan Scheme for Women, SC/ST Entrepreneurs in the Union Budget 2025-26
Credit to women by Public Sector Banks has seen a substantial increase over last 5 years
Jan Samarth Portal simplifies access to 15 government
Posted On: 24 MAR 2025 6:17PM by PIB Delhi
The Government reviews all credit linked schemes from time to time and takes several initiatives in order to facilitate ease of access to credit to the entrepreneurs including women entrepreneurs.
As per para 32 of Union Budget 2025-26 “A new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first- time entrepreneurs. This will provide term loans upto Rs. 2.00 crore during next 5 years. The Scheme will incorporate lessons from successful Stand Up India Scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”
The entrepreneurs are also provided collateral free loans upto Rs. 20 lakh to enable them to set up or expand their business activities under Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015.
Further, as informed by Reserve Bank of India (RBI), the details of credit extended to women by Public Sector Banks during the last five years is as under:
Credit to women by Public Sector Banks
(No. of A/cs in Lakh and Amount in ₹ Crore)
Financial Year
No of A/cs
Amount Outstanding
Mar-20
207.60
488,459.43
Mar-21
289.46
731,617.22
Mar-22
305.56
836,200.08
Mar-23
350.90
1,008,935.62
Mar-24
387.24
1,169,279.00
The Government has taken various steps towards effective implementation of the Schemes and for addressing the challenges faced by potential beneficiaries including women which, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, providing support in Stand-Up India Scheme by reduction in margin money as well as inclusion of activities allied to agriculture.
The Jan Samarth portal is a one-stop digital platform for linking fifteen Government-sponsored loans and subsidies Schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant’s data. Further, many Banks and financial institutions have developed online platforms and mobile apps for end to end digital processing of loan applications, reducing the need for physical paperwork and in-person visits.
This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
Competition Commission of India (CCI) investigated 35 cartel cases in last five years CCI has Signed MoUs with Global Regulators for Competition Law Cooperation
Competition Act 2023 Introduced ‘Lesser Penalty Plus’ for Cartel Disclosures
Posted On: 24 MAR 2025 6:15PM by PIB Delhi
The Competition Commission of India (CCI) investigated a total of 35 cartel cases across various sectors over the last five financial years (till 13.03.2025).
CCI has signed Bilateral/Multilateral Memorandum of Understanding (MoU) with Egypt, Mauritius, Japan, Brazil, BRICS (Brazil, the Russian Federation, People’s Republic of China and the Republic of South Africa), Canada, European Commission, Australia and United States Department of Justice (DOJ) for cooperation in the field of competition law and policy. These MOUs include provision for enforcement cooperation between CCI and its MoU partners, subject to their respective legal framework, constraints, enforcement interests and available resources.
In addition, India has signed 14 Free Trade Agreements (FTAs) with its trading partners. Some of these FTAs have a separate Chapter on Competition, according to which each Party shall, in accordance with its laws and regulations, take measures which it considers appropriate against anticompetitive activities, in order to facilitate trade and investment flows between the Parties and the efficient functioning of its market.
The Commission has a Division for trend analysis and conducting research in various sectors of the economy to have a holistic view and to detect any anti-competitive activities. The Competition (Amendment) Act, 2023 introduced the concept of “lesser penalty plus” within the framework of Section 46 of the Act. Consequently, on 20.02.2024, the CCI (Lesser Penalty) Regulations, 2024 were notified, replacing the 2009 regulations and introducing a “lesser penalty plus”(LPP) mechanism to incentivize disclosures of cartels. The LPP mechanism was introduced to incentivize an existing lesser penalty applicant in respect of a cartel to give full, true, and vital disclosures about another cartel, hitherto not in the knowledge of the CCI.
To further widen the scope of cartel investigation, Hub & Spoke mechanism has been incorporated by introducing the Proviso in Section 3(3) of the Competition Act, 2002 through the Amendment Act 2023 which provides that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade shall also be presumed to be part of the agreement under this sub-section if it participates or intends to participate in the furtherance of such agreement.
CCI, through its enforcement and advocacy mandate, seeks to promote and sustain competition in the markets by conducting market studies and advocacy events, imparting training about competition issues besides carrying out market corrections to eliminate distortions. The CCI conducted 1446 advocacy programmes during the last five financial years (till 19.03.2025).
This information was given by Minister of Finance and Corporate Affairs, Shri Nirmala Sitharaman, in reply to a question in the Lok Sabha today.