The National Development Council unveiled the 2021-2024 national development plan July 13, charting a future path for Taiwan’s economic growth and foreign relations.
With a focus on industrial and economic development, safe society, national security and democratic processes—areas targeted for growth by President Tsai Ing-wen in her inaugural address in May—the plan seeks to create a new economic model, enhance the social safety net, foster environmental sustainability and deepen reciprocal relations with the country’s allies and like-minded partners, the NDC said.
According to the council, the top priority is to gain Taiwan a key position in the global supply chains of the Six Core Strategic Industries by cultivating talents, spurring investment, easing regulations and helping local businesses build up brands with global reach.
Unveiled by the president during her 2020 inauguration and building on the five-plus-two Innovative Industries Program, the Six Core Strategic Industries are set to transform Taiwan into a dynamic force in the global economy. They comprise information and digital technology; cybersecurity; biotech and medical technology; national defense; green and renewable energy; and strategic stockpile industries.
The NDC said the government will also leave no stone unturned in facilitating structural reform of critical industries, cultivating an innovative startup ecosystem, and shaping the country into a regional hub of wealth management as well as a digital nation and smart island.
According to the NDC, these efforts will see Taiwan’s economic growth rate hit 2.6 to 3.4 percent, with an estimated unemployment rate of 3.5 to 3.8 percent and increases in consumer prices of up to 1.5 percent over the next four years.
A strong emphasis is being placed on long-term care, childcare, and residential justice issues to ensure a safe, secure society, the council said, adding that new infrastructure projects also play a major role in government efforts to bridge the gap between cities and counties and further environmental sustainability.
The government will additionally continue strengthening national defense capabilities to safeguard the country’s sovereignty and cross-strait stability while promoting the New Southbound Policy to help enhance peace and prosperity in the Indo-Pacific, the NDC added.
A key plank in the government’s national development strategy, the NSP 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. (YCH-E)
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