Ma outlines economic achievements in office

2016/01/25

ROC President Ma Ying-jeou said Jan. 21 that government promotion of trade liberalization and innovation over the past seven years has helped Taiwan firms expand their global footprint and laid the foundations for a national industrial upgrade.

“We have implemented a raft of measures transforming our efficiency-driven economy competing on price to one powered by innovation and value,” Ma said. “We must continue developing our competitive edge and embracing regional integration to ensure sustainable economic development.”

The president made the remarks during his opening address at an economic forum organized by locally based CommonWealth Magazine in Taipei City. It was the seventh consecutive year Ma attended the event.

According to Ma, since he took office in May 2008, the government’s economic liberalization policies have paid handsome dividends in the form of trade agreements with Japan, New Zealand and Singapore.

“These achievements will help Taiwan expand participation in major trade blocs such as Trans-Pacific Partnership and Regional Comprehensive Economic Partnership,” he said.

With innovation replacing labor efficiency and export-orientation as the growth driver for most Asian economies, the government is leaving no stone unturned in enhancing the country’s global competitiveness.

“Prime examples include the Productivity 4.0 project launched last October leveraging on the local manufacturing sector’s prowess in industrial automation,” Ma said, adding that regulatory easing also plays a key role in this regard.

“Taiwan is the second country in Asia to allow equity-based crowdfunding as a way to promote innovative entrepreneurship.”

Other measures aimed at initiating collaboration between local startups and the rest of the world include the Taiwan Silicon Valley Tech Fund, Taiwan Startup Stadium and ide@Taiwan 2020. These efforts helped Taiwan finish sixth among 132 economies in the 2016 Global Entrepreneurship Index, the president added.

Despite challenging conditions at home and abroad, Ma remains optimistic that the economy can weather the downturn, citing Taiwan’s 10.63 percent and 3.92 percent growth in 2010 and 2014, respectively, following the global financial crisis in 2008 and euro debt crisis the year after.

In addition to a prosperous and free society, peace between Taiwan and mainland China is an equally important prerequisite if the nation is to achieve sustainable growth, the president said. “I urge the new government to maintain this hard-earned cross-strait peace.”

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=241622&ctNode=2194&mp=9)