Taiwan's "Silicon Valley" reports record layoffs

Companies based in Taiwan's Hsinchu Science Industrial Park (HSIP) has laid off a record number of employees in the first six months of this year.

TAIPEI (Asia Pulse)--Companies based in Taiwan's Hsinchu Science Industrial Park (HSIP) has laid off a record number of 2,000 employees in the first six months of this year, according to tallies released by the park administration.

The statistics also show that during the first half of the year, a total of 2,000 foreign workers were dismissed from companies in the HSIP, also known as "Taiwan's Silicon Valley".

Affected by the continuing economic sluggishness, HSIP-based companies, especially those engaged in the manufacture of information and electronic products, have begun to streamline their workforces in order to lower their operating costs, an official of the park administration said.

According to the official, the lay-offs are the biggest since the park was inaugurated in 1981.

In spite of the serious lay-offs by information and electronic industries, the total number of current workforce in the park stands at around 102,000, the official said, adding that job opportunities are mainly provided by IC and biotechnology businesses.

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