Taiwan's Premier Publicizes Program for Promoting Economic Momentum

Sep 12, 2012 Ι Industry In-Focus Ι Furniture Ι By Philip Liu, CENS
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Taipei, Sept. 12, 2012 (CENS)--Premier Sean Chen publicized “program for promoting economic momentum” yesterday (Sept. 11), which aims to achieve economic development via adjustment of industrial structure, enhancement of investment and export, and adjustment of manpower supply.

Premier Chen asked ministries in charge to complete action plans for the program by the end of September. Guan Chung-min, minister without portfolio, expected the program will add one to 1.6 percentage points to Taiwan's economic growth rate a year.

The program consists of five major parts. In the aspect of industrial diversification and innovation, the government will carry out innovation of 50 items in the traditional industry in five years, assist over 150 small and medium enterprise groups in three years, boost foreign-traveler arrivals to 10 million by 2016, and develop financial businesses with cross-Taiwan Strait characteristics.

In the aspect of export and market expansion, the government will develop emerging markets and push 12 integrated exemplary cases. It will promote exhibition and convention industry by assisting the organization of 1,000 international conventions and 1,000 exhibitions in Taiwan.

In the aspect of the cultivation of industrial talent, it will continue pushing the reform of vocational education, cultivate emerging-market talent and international marketing managers, and continue reviewing foreign-labor policy, allowing increase of foreign labor ratio under the premise of increasing the employment of local laborers.

Meanwhile, the program calls for boosting private investment to at least NT$1 trillion a year, soliciting NT$33.5 billion of foreign investment next year, and encouraging Taiwanese enterprises to return to Taiwan for investments. It will also attract domestic funds, mainland Chinese funds, and foreign funds to invest in public construction projects. In addition, it will study the feasibility of channeling government funds or life insurance funds into public construction projects.

In the aspect of government efficacy, it will embrace the mechanism of most favorable tender, unified contractor, and evaluation by senior public functionaries. It will enliven public land and assets by carrying out a number of guidepost projects.

Chen noted that guidelines concerning industry, export, investment, and government in the program are engine for boosting economic development.

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