Mr Wang was involved in various charity projects on the mainland, building elementary schools and donating 100 million yuan (S$21.85 million) in quake relief following the devastating Sichuan earthquake in May.
TAIPEI - AROUND 8,000 people attended a memorial service in Taipei on Saturday for Taiwanese tycoon Wang Yung-ching, known here as the 'god of management'.
Political and business leaders were among those who turned out to pay tribute to Mr Wang, who built Taiwan's leading Formosa Plastics Group from scratch to become the island's second wealthiest man.
He died in the United States last month aged 91.
Premier Liu Chao-shiuan laid the Taiwanese flag on Mr Wang's coffin, and President Ma Ying-jeou called the industrialist 'the glory of Taiwan' in a eulogy broadcast live on television.
'Chairman Wang was revered as the 'god of management' for his distinguished achievements and entrepreneurial spirit. He was also a compassionate person dedicated to charity,' Mr Ma said.
'We thank him for everything he did for Taiwan and for the people. He set a shining example for us, and he will forever live in our memories.'
Born in Taipei to a poor family, Mr Wang dropped out of school at the age of 15 to become an apprentice at a rice shop and opened his own store the following year.
He founded Formosa Plastics Corporation in 1954, building it into a business empire with interests ranging from petrochemicals and oil refining to semiconductors, biotechnology and hospitals.
The group also has extensive investments in China in the petrochemical, power and medical sectors.
Mr Wang was involved in various charity projects on the mainland, building elementary schools and donating 100 million yuan (S$21.85 million) in quake relief following the devastating Sichuan earthquake in May.
He retired as chairman of Formosa Plastics in 2006 and in June, Forbes magazine valued his fortune at US$6.8 billion. -- AFP
