More public-private cooperation in enhancing global trade links, fast-tracking new energy development and promoting homebound investment is key to boosting Taiwan’s economic prospects post COVID-19, according to Vice President Lai Ching-te Aug. 18.
Coronavirus has profoundly impacted the worldwide economic landscape, Lai said. This is illustrated by accelerated restructuring of global supply chains and new consumer lifestyle and consumption patterns, he added.
Although these developments present tremendous challenges for Taiwan, Lai said, they offer an array of potential-laden opportunities for the country’s firms to boost resilience and transformation.
Lai made the remarks in a video address during a business forum organized by Taipei City-based Business Today magazine.
According to Lai, Taiwan’s economy grew 8.19 percent during the first half of the year on the back of the country’s successful efforts to combat COVID-19. This is also due to a raft of recently launched relief measures aimed at spurring business activity as Taiwan continues its coronavirus fightback, he added.
On the global front, Lai said, no effort is being spared in strengthening Taiwan’s trade and investment links with like-minded partners such as the EU and U.S., as well as prioritizing supply chain and digital trade cooperation during the Trade and Investment Framework Agreement Council meeting held by Taiwan and U.S. in June.
Lai said in terms of energy transformation, a rock-solid foundation has been laid through government initiatives targeted at developing green energy, reducing carbon emissions and phasing out nuclear power.
As a key industry and trade hub in the Asia-Pacific boasting a deep talent pool and world-class innovation capabilities, Taiwan is continuing to attract investment from global business heavyweights such as ASML Holding N.V., Cisco Systems Inc. and Google LLC, Lai added.
It is high time Taiwan firms operating offshore capitalize on this enviable state of affairs, Lai said, urging them to lift homebound investment for the greater good of the country and people. (SFC-E)
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