The National Development Council unveiled the 2017-2020 national development plan Jan. 23 in Taipei City, charting a course for Taiwan’s sustainable growth amid challenges at home and abroad.
With a focus on innovation, job creation and equitable distribution—three policy goals of President Tsai Ing-wen’s administration—the plan seeks to create a new economic model, enhance the social safety net, maintain social equity and justice, promote regional peace and transform Taiwan into a global model of a civil society, the NDC said.
The four-year plan builds on the president’s five-plus-two innovative industries initiative that covers biotech and pharmaceuticals, green energy, national defense, smart machinery and the Internet of Things, as well as the circular economy and a new paradigm for agricultural development.
According to the council, the top priority is to bolster the domestic economy by spurring investment and implementing structural reform to overhaul the country’s industries. The development plan identifies policy objectives as well as measures and strategies for relevant agencies, the council said, adding that it is being fast-tracked to the Cabinet for approval.
In terms of promoting local investment, the NDC said efforts will be directed at leveraging the country’s semiconductor prowess to foster consumer industries, the digital economy and innovative endeavors.
The NDC said that a strong emphasis is also being placed on the promotion of next-generation infrastructure, especially in the realms of clean energy, scientific research, green rail transportation, water resources and projects catering to the elderly.
With regard to structural reforms, the NDC emphasized that key challenges include inadequate laws and regulations, an exodus of talent, inappropriate allocation of land resources and inefficient use of capital.
These issues will be addressed through regulatory adjustments to bring local practices more in line with the global standards; build a friendlier business environment conducive to innovation; attract foreign talents; and implement financial and tax reforms to promote the development of cutting-edge financial technologies.
According to the NDC, these efforts will see Taiwan’s per capita gross domestic product increase by between 2 and 2.5 percent to US$23,100 by the end of 2017, with annual average growth estimated at between 2.5 and 3 percent over the next four years. (SFC-E)
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