President Tsai charts new course for Taiwan’s post-pandemic economy

2020/08/21

President Tsai Ing-wen said Aug. 19 that the government would continue implementing measures to assist local firms weathering the impact of COVID-19 while transforming Taiwan’s economy in the post-pandemic era.
 
 A new economic growth model based on innovation, job creation and equitable distribution is a long-term development goal of her administration, Tsai said. To this end, the government will work with the private sector to fast-track industrial innovation, foster talent cultivation and promote youth entrepreneurship to better position Taiwan for the new economic order, she added.
 
 The president made the remarks while attending a meeting with the country’s top business leaders and industry representatives in Taipei City.
 
 According to Tsai, despite the pandemic, Taiwan’s gross domestic product continued to grow in the first half of 2020, thanks to a variety of stimulus packages totaling NT$1.05 trillion (US$35.58 billion) targeting businesses and individuals.
 
 The government has set aside a further special budget of NT$210 billion for the next stage of relief efforts, with an additional NT$6 trillion in public investment projects planned to spur growth, she said.
 
 Tsai highlighted the six core strategic industries unveiled during her 2020 inauguration speech as key drivers of the future economy. Building on the government’s five-plus-two industrial innovation program, these are the information and digital technology; cybersecurity; biotech and medical technology; national defense and strategic; green and renewable energy; and strategic stockpile industries.
 
 The government will also initiate additional regulatory easing aimed at companies developing financial products and services with the goal of turning Taiwan into a regional center for asset management and business financing, Tsai said.
 
 Negotiating a bilateral trade agreement with the U.S. remains a top priority, the president said, adding Taiwan is looking to expand its participation in global initiatives such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

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