Authorities from both Taiwan and New Zealand approved the countries' first ever joint venture capital fund, enabling clearer communication lines and greater bilateral businesses and investments. The joint venture capital was named Pan Pacific Capital Fund.
The joint venture was considered as the first of its kind, following the agreement between the two governments called the Strategic Cooperation on Joint Investments in Venture Capital Funds. The said agreement was concluded last October 18, 2012 in Taiwan's capital city of Taipei.
The managers of the fund include Core Pacific Yamachi Financial Advisory Limited, which represents Taiwan, and the Pan Pacific Capital Limited which represents New Zealand. The joint fund was expected to gain US$70 million via domestic and foreign direct investors. Observers said that both countries will collectively contribute 60% of the fund.
"It (The joint venture) helps firms in both countries extend their reach to neighboring markets such as Australia and mainland China," said market analysts who responded positively on the agreement.
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