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.

Liu said that Giant has set the standard for Taiwanese industry in keeping its roots at home while expanding its operations worldwide.

"In the past, when traditional industries were facing competition, they would often move their operations abroad," said Liu. "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 in Tachia in central Taiwan's Taichung County. In 2007 the company sold more than five million bicycles worldwide.