Taiwan has maintained a 10-year lead over China in terms of research and development, according to a Chinese Thai who was listed as the 10th richest man in China in the 2009 Hurun report - a Chinese version of Forbes magazine. Chanchai Ruayrungruarg, whose Chinese name is Yen Bin, said that Taiwan is not attractive enough to Chinese investors due to its limited market scale, despite its move to allow investment from China several months ago.

He proposed a complementary strategy - to make Taiwan a R&D center while turning China into a production base - in what he called a win-win business model for enterprises of both sides.

Ruayrungruarg, who began investing in China in 1995, is chairman of several business groups, including the Red Bull Group. His businesses also include property, golf courses and other leisure investments.

On the formation of the Association of Southeast Nations and China (ASEAN plus One) next year, Ruayrungruarg said the new wave of economic integration in Asia has made a proposed economic cooperation framework agreement (ECFA) between Taiwan and China a must.

"Anyone who lags behind in the cross-Taiwan Strait economic integration will be ousted from the game," he said, referring to opposition by some sectors in Taiwan to the ECFA, which Taiwan and China are likely to sign early next year.

Ruayrungruarg also said he plans to provide assistance to Taiwanese golfers, who perform very well in world events but need more financial support from the private sector. He did not elaborate.

The billionaire, who arrived in Taipei last Saturday aboard his private plane, was on a fact-finding tour of the country's investment climate, visiting the Hsinchu Industrial Park and several yacht manufacturers in Taipei and Kaohsiung.

He said he has invited several yacht manufacturers to take part in a "yacht summit" to be held next year in China's Hainan Province.

Ruayrungruarg was born in China. He later emigrated to Thailand and founded his Reignwood Group in 1984, and the Red Bull group in Beijing in 1995.