Taiwan will intensify efforts to attract foreign investment by capitalizing on its recently lowered corporate income tax rate and a planned trade pact with China, an economics official said Friday. 'After the economic cooperation framework agreement (ECFA) is signed in June, we will organize a series of overseas events to attract foreign businesses to Taiwan, ' Woody Duh, the head of the Ministry of Economic Affairs' Industrial Development Bureau, told an audience of 400 in Taipei. Duh was referring to a proposed pact that is aimed at further liberalizing trade between Taiwan and its biggest trading partner, China. 'It is hoped that the comprehensive (corporate) tax cut and the signing of the ECFA will build a good environment for foreign businesses to work with their Taiwanese counterparts in exploring the Asian market,' he said. An international forum will be held in August or September this year as part of the government's efforts to increase foreign investment, Duh told selfnews after giving a presentation on an industrial innovation act that allowed the implementation of the tax cut. He added that he will make individual visits to foreign companies to drum up investment. Taiwan's corporate income tax rate dropped from 20 percent to 17 percent when the act took effect on Wednesday following a months-long battle in the legislature. Taiwan's rate is now on par with that of Singapore and second in Asia to Hong Kong's 16.5 percent, Duh said. China's rate generally stands at 25 percent, South Korea's is 22 percent and Japan's is 30 percent, according to the official. Globally, Taiwan's rate is higher than Ireland's 12.5 percent, but much lower than the U.S.'s 35 percent and that of other countries, Duh said. Although the tax cut will likely reduce the government's revenue by NT$48 billion (US$1.5 billion), Duh said that based on the U.S.'s experience, the measure is expected to contribute NT$65 billion to Taiwan's gross domestic product. 