Taiwan’s services sector is set to become a major growth driver for the local economy under a development initiative unveiled by the ROC Ministry of Economic Affairs Oct. 30.
Commencing in 2013, the eight-year MOEA plan will see NT$30 billion (US$1.02 billion) invested in 15 industries targeted for strategic promotion. These include cloud computing; e-commerce; design; digital content; food; health care; logistics; meetings, conventions and exhibitions; and smart automation.
“Taiwan’s services industry is a significant contributor to the country’s job market and domestic consumption,” an MOEA official said. “It also plays a key role in spurring private investment and improving income distribution.
“No effort will be spared in promoting the industry by adjusting its industrial structure and improving Taiwan’s overall business environment.”
According to the official, development strategies for the industry involve creating certification systems for service quality and business professionals; promoting innovative service models and optimized procedures; and marketing Taiwan globally with strengthened brand recognition.
MOEA data revealed that the services industry expanded annually by 5.3 percent between 1994 and 2002, but tailed off to 3.2 percent in the following decade. This subpar performance was attributed to lackluster domestic consumption and the industry’s weak global competitiveness that failed to spur ongoing private R&D investment.
The ministry forecasts public-private collaboration to drive the output of Taiwan’s services industry to NT$4.75 trillion by 2020, creating 166,000 new jobs and bringing the total labor force to 2.78 million. (JSM)
Write to Meg Chang at sfchang@mofa.gov.tw