VP Lai vows to secure Taiwan’s position in global supply chains

2022/03/28

The government is committed to placing Taiwan at the center of global supply chains, cementing the country’s position in the world economy in the post-pandemic era, according to Vice President Lai Ching-te March 24.
 
Taiwan recorded respective economic growth of 3.11 percent and 6.28 percent in 2020 and 2021, the highest among the Four Asian Tigers for both years, Lai said. This is complemented by a rising per capita national income, which jumped from US$28,000 in 2020 to US$33,000 in 2021, he added.
 
This impressive economic growth can largely be attributed to the machinery industry, Lai said, adding that the country’s machinery exports grew 27 percent to reach US$27.8 billion last year, with production values totaling US$45.33 billion.
 
Lai made the remarks while attending a general assembly of capital-based Taiwan Association of Machinery Industry in Taipei City.
 
According to Lai, the machinery industry is playing a key role in the government’s five-plus-two innovative industries plan and six core strategic industries initiative. Unveiled by President Tsai Ing-wen during her May 2020 inauguration and founded on the five-plus-two plan, the six core strategic industries comprise information and digital technology; cybersecurity; biotech and medical technology; national defense; green and renewable energy; and strategic stockpile industries.
 
On the global front, the government is leaving no stone unturned in strengthening Taiwan’s trade links with like-minded partners, Lai said, citing the Taiwan-U.S. Trade and Investment Framework Agreement Council meeting and the country’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as notable examples.
 
Lai also took the opportunity to thank industry leaders for their dedication to advancing machine-related sectors. The government will continue working with companies to stimulate the country’s economic growth while making Taiwan an integral part of global supply chain restructuring, he added.


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