With a growing pessimism in the global economy in 2020 due to the on-going spread of the COVID-19 pandemic, governments in Taiwan and countries around the world have launched a series of economic stimulus policies, such as expansion of infrastructure and public works, large-scale interest rate cuts, quantitative easing, capital injection, and bailouts, in an attempt to stimulate the weak economy and boost confidence. Nevertheless, FPG continues to safeguard our businesses through careful planning in response to the two-pronged effect of multiple internal and external challenges facing Taiwan's economy as mentioned above.
While we are unable to change the environment, we can sagaciously bolster our capabilities on an on-going basis in response to the challenging environment. By constantly upholding the spirit of "aiming at the sovereign good," FPG will not only continue to advance R&D and increase the ratios of high-value and highly differentiated products in production, but also enhance the optimization and efficiency of internal management. As far as industrial safety and environmental protection are concerned, FPG spurs ourselves to excel beyond national standards and even international advanced standards while consistently reviewing maximum utilization of various resources as well as energy conservation and carbon reduction, thereby realizing the spirit of circular economy. Furthermore, we actively expand the application of artificial intelligence (AI) in depth and breadth by continuously extending the application of both AI and big data to various levels to shorten production and sales cycles, optimize manufacturing processes, and enhance predictive diagnosis of industrial safety, thereby improving operational efficiency and maintaining stable operations.
Apart from keeping a close eye on developments in global markets, we also actively develop potential markets other than Mainland China and Hong Kong, with the intention of diversifying market risks. Moreover, we continue to invest in a series of overseas expansion projects. For instance, our on-going projects in Mainland China include the cold-rolled stainless steel plant in Fujian Province, the petrochemical plant in Ningbo City, and the electronic material plant in Huizhou City. Meanwhile, our large petrochemical investment project in Louisiana, U.S.A. has been approved in January 2020 upon completion of environmental impact assessment, with site preparation to follow suit soon, whereas our third ethane cracking plant and downstream petrochemical plants in Texas, U.S.A. are also nearing completion. In the future, we will pay close attention to market supply and demand, as well as flexibly adjust raw material procurement and production and marketing plans, with a view to maintaining cost advantage and boost operational momentum.
In the past 60 years of our history, FPG has maintained a sense of crisis and remained vigilant at all times as we neither slack during good times when the economy is booming or our operations are smooth nor become distressed over a sluggish economy or business difficulties. Since the economy is cyclical in nature, we constantly hold steadfast to our philosophy regardless of the economic situation and remain committed to initiating and promoting various rationalization efforts in a practical and realistic manner while striving to maintain a strong business core and enhance our competitiveness. In the face of highly volatile scenarios and severe challenges, we lead all our employees to move forward with a determined and proactive attitude while striving to draw up response measures and eventually turn crises into opportunities, so that we can remain firm and unshakable when the going gets tough.
(FPG, Dec. 31, 2022)