Ma outlines prospects for economic development

2014-08-06

President Ma Ying-jeou said Aug. 4 that the government is working to create a new wave of economic growth for Taiwan capitalizing on the worldwide trend of trade liberalization.

“The global economic outlook is turning upbeat, with the World Bank’s latest report projecting growth of 7.1 percent for the Asia-Pacific region this year,” Ma said.

“The Directorate-General of Budget, Accounting and Statistics forecast in July that the nation will see economic growth of over 3 percent in 2014, reflecting improving conditions worldwide.”

Ma made the remarks while receiving members of Taipei City-based Chinese National Federation of Industries at the Presidential Office.

According to the president, Taiwan has delivered remarkable performance this year. The International Monetary Fund ranked the nation 16th worldwide in terms of gross domestic product per capita based on purchasing power parity, ahead of France, Japan, South Korea and the U.K.

To further strengthen Taiwan’s competitive advantage, especially in the industrial sector, the Ministry of Economic Affairs in July launched an action plan for industrial upgrading and transformation, focusing on capital investment, environment, human resources, land, taxation and technology, Ma said.

Based on the "hidden champions" concept touted by German scholar and business executive Herman Simon, the ministry has so far assisted 74 small and medium enterprises in upgrading their operations, the president added.

The government is also actively working toward enhancing trade liberalization and collaboration with regional partners, Ma said. Bids for accession to the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership demonstrate the government’s determination to see Taiwan included in regional economic integration.

Such developments are in line with the consensus reached in the recently concluded national conference on trade and economic affairs. Co-organized by the National Development Council and MOEA, the three-day event was a platform for all sectors of society to voice their opinions on the country’s sustainable economic development within a global framework.

Among 36 points of consensus, key results included accelerating regional integration and trade liberalization, as well as expediting cross-strait economic collaboration. At the same time, measures were also proposed to minimize the impact on disadvantaged groups at risk from globalization and strengthen Taiwan’s cultural and economic independence.

“The government will conduct free trade agreement negotiations with mainland China or other economies in accordance with the principle of minimizing risks while maximizing benefits,” the president said. "The government will further put in place a mechanism for adjustment, assistance, relief and support to help smooth economic transformation."

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=220310&CtNode=413)