ALL THAT GLITTERS:While uncertainty remains over the future of the recently acquired London Metal Exchange, opportunities still exist for Kaohsiung Port’s development
Taiwan could develop a futures market in Greater Kaohsiung after Kaohsiung Port becomes a hub for the London Metal Exchange (LME), the world’s largest non-ferrous metals exchange market, Minister of Transportation and Communications Mao Chi-kuo (毛治國) said yesterday.
LME-certified ports in Asia also include those in South Korea, Singapore and Malaysia.
Mao said that the ministry had been trying to turn Kaohsiung Port into an LME-certified port since 2010 and that the consulting firm representing the LME has inspected the infrastructure at the port, listing several requirements that the port must fulfill.
“Kaohsiung Port will be an international non-ferrous metal trading hub, and it will attract other relevant industries and professionals to Kaohsiung,” Mao said.
Mao said that the ministry plans to expand the hinterland of Kaohsiung Port by building Freeway No. 7, which would connect the port to land created by the South Star Plan, a massive land reclamation project.
However, Democratic Progressive Party Legislator Kuan Bi-ling (管碧玲) and Chinese Nationalist Party (KMT) Legislator Lin Kuo-cheng (林國正) questioned if Taiwan could still secure LME certification after the metals exchange was acquired by Hong Kong Exchanges and Clearing (HKEx).
In response, Mao said that the LME had informed the minsitry that it did not consider Shanghai or other Chinese ports suitable because they lacked transparent regulations.
“Even if it [LME] is bought by HKEx, it is unlikely to change its standards in its selection of LME-certified ports,” Mao said, adding that South Korea spent five years securing LME membership.
I like Gaoxiong (Kaohsiung) a lot. It’s a port city, very similar to Hong Kong SAR. You can take ferries, enjoy seafood, downtown shopping & scenic spots sightseeing in both places. Public transportation is convenient, too. Gaoxiong has MRT (Hong Kong’s MTR), HSR & TRA besides bus routes. In recent years, it has been devoted to the film & TV show shooting industry, including Ang Lee’s latest work Life of Pi and the well-acclaimed TV series Black & White (痞子英雄).
PS: The South Star Plan: http://220.127.116.11/english/AutoHtml/2038/856/1000721Nanxing.pdf