President Tsai Ing-wen said Feb. 14 that the government is doing its utmost to build a business environment for fast-tracked industrial upgrades, promote its New Southbound Policy and maintain cross-strait peace so that Taiwan can break free from its economic predicament.
During a social function in Taipei City with representatives of Taiwan’s major business associations, the president said the goals will be achieved through a wide array of policy measures, with the top priority being enhancing the implementation of the five-plus-two innovative industries initiative.
A key component of her administration’s New Model for Economic Development, the initiative covers the biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things sectors, as well as the circular economy and a new paradigm for agricultural development.
According to Tsai, regulatory easing is essential in building a business environment that fosters innovation and investment. In this regard, amendments to Electricity Act have been passed and the government is making progress on alterations to the Fundamental Science and Technology Act, as well as two bills governing foreign talent recruitment and financial technology innovation, respectively.
New fiscal policies will also play a role in bolstering economic development, Tsai said, adding that the Cabinet will unveil a raft of infrastructure projects next month across such areas as the digital economy, green rail transportation, new energy, urban and rural development and water resources.
State-run companies will also contribute by launching major investment projects nationwide, including Taiwan Power Co.’s NT$300 billion (US$9.72 billion) plan to develop wind and solar power resources. In addition, CPC Corp. will devote NT$200 billion toward promoting the circular economy, stabilizing natural gas supplies and reducing air pollution.
Other than boosting domestic demand, these endeavors will help local sectors strengthen their competitiveness while enhancing quality of life for the people, she said.
In response to the private sector’s need for stable electricity and water supplies, which Tsai referred to as a matter of national security, she said the country’s energy generation portfolio will be adjusted and water resources more efficiently managed.
The president also called on the private sector to play its part in driving the country’s economic growth, urging businesses to invest in key areas and develop products and services focusing on energy, urban housing renewal, smart applications and Taiwan’s graying society.
On the global front, Tsai said the government will assist local firms in connecting with the public and private sectors of their target markets, especially in countries covered by the New Southbound Policy. The administration’s peoplecentric initiative seeks to deepen agricultural, business, cultural, educational, trade and tourism links with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
With regard to cross-strait relations, Tsai said her administration has demonstrated the highest level of goodwill, and is willing to engage in sincere dialogue with mainland China so as to create a mutually beneficial and collaborative relationship.
As Taiwan and mainland China share a common interest in regional economic development, they can start negotiations and work together to build a brighter future for Asia if both sides abandon their prejudices, the president added. (SFC-E)
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