Premier Liu Chao-shiuan has praised the achievements of Taiwan's Giant Manufacturing, the world's largest bicycle manufacturer. The premier was speaking at an industry awards ceremony on Tuesday.
"In the past, when traditional industries were facing competition, they would often move their operations abroad," said Liu, reports Radio Taipei International.
"Has Giant done this? Yes, it has. But in Giant's case, it has served to strengthen its roots in Taiwan. Taking advantage of the benefits of foreign manufacturing and markets has strengthened Taiwan-based research and branding and given them a space to develop overseas."
Giant was established in 1972.
The corporation is expected to achieve 30 percent growth in its group consolidated revenue this year.