Lin Jiannan, chairman of Taiwan Plastics Industry (Formosa Plastics), stated that he would adopt the policy of actively expanding the markets in India, Southeast Asia, the Middle East and Africa, and focus on sales in countries with sustained and rapid economic growth such as India, Turkey, Indonesia and Vietnam.
Due to the chronic oversupply situation in the mainland, the company will significantly reduce its dependence on the mainland market. From January to September 2015, the contribution rate of mainland China's sales to Formosa Plastics Group was 26.5%, which fell to 23% in the same period this year. It is expected that the contribution rate in 2017 will be less than 20%.
Formosa Plastics, Formosa Petrochemical, Taiwan Chemical Fiber, Nanya Plastic Industry, etc. are also listed companies under the Taiwan Plastic Industry Group, Taiwan's largest composite industrial enterprise.