President Tsai Ing-wen said talks are the best way to resolve economic disputes and it is hoped the U.S. will pursue negotiations in an effort to head off an all-out trade war with mainland China.
The government has devised a raft of responses to address volatility in global markets in the eventuality of such an outcome, Tsai said. Accelerating investment to boost domestic demand, enhancing innovation capacity, stimulating economic diversification and strengthening the production, R&D and trade base are all part of the measures, she added.
Tsai made the comments while receiving a delegation from the Asia Taiwanese Chambers of Commerce at the Office of the President March 23 in Taipei City.
According to Tsai, Taiwan’s fundamentals are sound and the economy is getting back on the fast track through key policy undertakings like the Forward-looking Infrastructure Development Program and New Southbound Policy.
Running from September 2017 to August 2021, the NT$420 billion (US$14.4 billion) FIDP aims to meet Taiwan’s development needs for the next 30 years. It comprises eight categories: aquatic environments to build resilience against climate change, child care facilities to address declining birthrates, digitalization to create a connected nation, food safety to protect consumers’ health, green energy to ensure environmental sustainability, human resources to boost employment, railway development to provide convenient and safe transportation and urban-rural projects to balance regional development.
The New Southbound Policy seeks to deepen Taiwan’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
According to Tsai, Taiwan offers many opportunities in the fast-growing Asian economy. Last year, the country received 400 foreign direct investment projects each valued at NT$500 million (US$17.2 million) or more, she said, adding that this included an annual increase of 13 percent in investments by foreign nationals and Taiwan expatriates.
Several leading international outfits like Amazon.com Inc. and Microsoft Corp. are setting up new innovation or R&D centers in Taiwan, and Google is beginning to recruit more local talent, she said. The government’s economic revitalization measures will ensure Taiwan is ready to fully capitalize on these increasing innovative capital flows, she added. (KH-E)
Write to Taiwan Today at ttonline@mofa.gov.tw