Cabinet targets Taiwan services sector for promotion

2015/08/03

Taiwan’s services sector is set for fast-tracked structural optimization and market expansion en route to attaining greater international competitiveness, Premier Mao Chi-kuo said July 30.

“Given our abundant human resources and world-class ingenuity, services are one of Taiwan’s most potential-laden sectors,” Mao said. “There is no question it will play a central role in creating jobs, driving economic development and promoting social well-being going forward.”

The premier made the remarks during a meeting with local business leaders organized by the ROC General Chamber of Commerce in Taipei City.

According to Mao, the country needs to shift from a production-oriented economy to one driven by value creation. “The old growth model created an unbalanced industrial structure highly susceptible to global economic fluctuations,” he said.

“While it is imperative Taiwan maintains its manufacturing prowess, the more important task is to boost the local services sector and prepare for the challenges of the 21st century.”

But several challenges must be addressed before the sector can reach full potential, he said, citing the need to achieve economy of scale for business operators, many of which are domestic market-orientated small and medium enterprises.

“It is important these firms expand their reach and follow the successful examples of food services providers forging fresh frontiers in Southeast Asia and mainland China.”

The premier said the government is also in the process of implementing further regulatory easing and financial support packages to accelerate industrial upgrades.

“At the same time, the National Development Fund will invest in nine key sectors spanning Chinese e-commerce, cloud computing, digital content, information services and international logistics,” he added.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=233215&ctNode=413)