Tsai throws weight behind development of Taiwan SMEs

2018/09/12

President Tsai Ing-wen said Sept. 10 that the government will continue supporting Taiwan’s small and medium enterprises so they can remain competitive and overcome new challenges going forward.
 
 Great importance is attached to Taiwan’s SMEs given they are the backbone of the economy and employ 80 percent of the workforce, Tsai said. It is imperative for Taiwan these businesses not just survive but thrive, she added.
 
 Tsai made the remarks while receiving a delegation of representatives from local SME business associations at the Office of the President in Taipei City.
 
 According to Tsai, Taiwan’s economy is approaching 10 consecutive quarters of growth, with unemployment dropping and export orders for the first half of the year hitting a record high for the period on the back of strong showings by SMEs.
 
 Keeping SMEs on track is a top priority, Tsai said, citing the five-plus-two industrial innovation program as a prime example of the government’s commitment in this regard.
 
 A key plank in the national development strategy, the economic revitalization program targets the five high-growth sectors of biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things, as well as promotes two concepts: the circular economy and a new paradigm for agricultural development.
 
 Tsai said the machinery sector is a major beneficiary of the program, with output topping NT$1 trillion (US$32.44 billion) for the first time last year.
 
 Other concrete government measures include the launch in 2017 of a small business innovation research program providing consultancy services and financial incentives for firms setting up shop within five years. This is complemented by an NT$50 billion credit financing project for SMEs expanding presences in New Southbound Policy countries.
 
 The NSP is enhancing 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. It is seen as Taiwan’s most effective policy platform for engaging with the Indo-Pacific while promoting peace, stability and prosperity.

Source: Taiwan Today (https://taiwantoday.tw/news.php?unit=6&post=141324)