“We must adopt more aggressive measures to address the decline in domestic investment in recent years,” Lin said. “Recruiting and retaining talent is also critical to improving the private investment environment.”
The premier made the remarks following a briefing on an investment expansion program by the National Development Council during a Cabinet meeting in Taipei City. He instructed the NDC to formulate related plans without delay and submit them for discussion by the Cabinet.
In the briefing, the NDC attributed Taiwan’s sluggish economy to the global economic cycle and domestic socio-economic restructuring. Recommended strategies include increasing investment in wholly or partly owned government enterprises, spurring private investment and strengthening digital innovation capabilities. These efforts are designed to mitigate the impact of the weakening global economy, stimulate short-term economic growth, build next-generation industries and enhance mid- to long-term overall growth potential.
As part of efforts to improve the investment environment, the government will revitalize Taiwan’s industrial and science parks by making land available for lease rather than sale, as well as offering qualified companies rent-free periods of two years. In addition, it will devise steps to stabilize land prices in industrial parks so as to curb speculative investment. Land lease prices in science parks are expected to be lowered by 8.99 percent on average.
Measures to attract additional private sector investment involve the NDC establishing an NT$100 billion (US$3.1 billion) industrial innovation and transformation fund, as well as the creation of a national investment company focusing on innovative industries. The latter will source its funding and resources from the Cabinet-administered National Development Fund, state-run enterprises and private sector.
The NDC is also eyeing investment of NT$340 billion by wholly or partly owned government enterprises in public infrastructure and emerging industries. Reaching this target will help stimulate growth and enable the government to achieve its goal of revitalizing the economy and improving the livelihoods of the people, according to the NDC. (KH-E)
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