Taiwan's hotel industry says the Economic Cooperation Framework Agreement will bring them enormous opportunities. Taiwan leader Ma Ying-jeou is also confident that more travellers will visit the island this year.
It's estimated that the tariff reduction in the first phase, will create about 60 thousand jobs and stimulate exports and imports. The local logistics industry expects business opportunities worth 100 billion new Taiwan dollars, as shipping demand will be boosted.
In addition, foreign investment in Taiwan will also likely rise. The island's hotel industry is expecting more star operators to come, accommodating a rising number of business people and tourists. The Taiwan authority estimates that visitors to the island will reach over 5 million this year.