President Tsai Ing-wen said Jan. 16 that Taiwan is working to further enhance robust trade and investment ties with the U.S. through a raft of policy measures aimed at improving the country’s business environment.
The government is leaving no stone unturned in promoting Taiwan’s economic transformation and upgrading through the implementation of the five-plus-two innovative industries initiative and New Southbound Policy, she said.
According to the president, to address the needs of foreign firms operating in Taiwan and strengthen the country’s investment environment, the government will continue to implement tax reforms and regulatory easing, including amendments to the Company Act and the promulgation of the Act for the Recruitment and Employment of Foreign Professionals.
Tsai made the remarks while receiving a delegation from the U.S.-Taiwan Business Council at the Office of the President in Taipei City. Led by USTBC President Rupert Hammond-Chambers, the group also included former U.S. Rep. Matt Salmon, who is visiting Taiwan for the third time since his retirement in January 2017.
At a time when both countries need to make complex decisions in the face of changes in their respective economies, Taipei looks forward to working with Washington in promoting a new U.S. growth model, the president said.
According to Tsai, since Taiwan sent its biggest-ever delegation to the SelectUSA Investment Summit last June, many local firms have expressed a strong interest in investing in the U.S. In addition, the five-plus-two innovative industries initiative and New Southbound Policy are creating significant opportunities for mutually beneficial partnerships between Taiwan and U.S. firms, she added.
Five-plus-two is an economic revitalization program targeting the high-growth sectors of biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things, as well as the promotion of two core concepts: the circular economy and a new paradigm for agricultural development. The New Southbound Policy is a comprehensive initiative aimed at deepening ties across the board with the 10 Association of Southeast Asian Nations member economies, six South Asian countries, Australia and New Zealand.
These policy measures are already bearing fruit, Tsai said, citing the country’s better-than-expected economic growth, employment and stock market performance. Taiwan is also recording significant new investment in innovation-based sectors such as green energy and national defense, leading to the creation of more quality jobs, she said.
Tsai expressed her appreciation for the efforts by the USTBC in advancing business ties between the two sides, stating that she looks forward to further encouraging developments in two-way relations with the council’s support. (SFC-E)
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