President Tsai touts Taiwan’s economic potential at AmCham's Annual General ...

2019/11/21

President Tsai Ing-wen said Nov. 19 that the local economy is moving ahead in leaps and bounds, and there are many potential-laden areas in which Taiwan and the U.S. can cultivate mutually beneficial opportunities.
 
 Taiwan’s economic growth topped the Asian tigers over the first three quarters in 2019, Tsai said. In addition, homebound investment of nearly NT$700 billion (US$22.9 billion) forecast to produce more than 55,000 quality jobs was greenlighted by the government, she added.
 
 Tsai made the remarks while addressing the American Chamber of Commerce in Taipei’s Annual General Meeting.
 
 According to Tsai, employment opportunities created by homebound investment are complemented by those stemming from an uptick in interest from technology heavyweights like Amazon.com Inc., Google, Microsoft Corp. and Micron Technology Inc. These firms recognize Taiwan’s robust business climate and its abundance of highly educated talent, she said.
 
 Other achievements underscoring Taiwan’s economic credentials include the establishment of the patent linkage system in August and announcement of the Talent Circulation Alliance announced in April, Tsai said.
 
 The patent linkage system allows for the speedy resolution of disputes pertaining to patent invalidity and infringement among big-name drug companies and generic manufacturers. It was contained in 2018-approved amendments to the Pharmaceutical Affairs Act.
 
 TCA is a public-private partnership between lead organizations such as the Ministry of Economic Affairs, Industrial Development Bureau, state-backed Institute for Information Industry and the American Institute in Taiwan. It encourages the free flow of human capital between Taiwan and like-minded partners, as well as creates a deep pool of digital professionals with a global outlook.
 
 Tsai said AmCham Taipei has long contributed to local economic development and plays a key role in advancing Taiwan-U.S. trade ties. This involvement is of great value as the government continues transforming the country into a world center for financial and wealth management R&D and top-end manufacturing, she added.
 
 According to Tsai, Taiwan and the U.S. are economic partners of significant standing. From January to October, the country’s U.S. exports recorded a sizable increase of 17.7 percent year on year, she said.
 
 Closer cooperation is the way forward, Tsai said, adding that a bilateral investment agreement would pave the way for strategic alliances in value-added sectors of the future like artificial intelligence, internet of things and Industry 4.0 while defending rules-based order in the Indo-Pacific.
 
 Established in 1951 with more than 1,000 members from 500 companies, AmCham Taipei is a nonprofit, nonpartisan organization dedicated to promoting the interests of American and international businesses in Taiwan.

Source: Taiwan Today (https://taiwantoday.tw/index.php)