Taiwan to Strive for 4.5% Economic Growth in 2012

Taipei, Dec. 23, 2011 (CENS)--Despite increasing global economic uncertainty, Shih Yen-Shiang, Minister of Taiwan's Ministry of Economic Affairs (MOEA), claimed that MOEA will continue to work hard to boost exports, enterprise investments and domestic consumption, striving to achieve a 4.5% economic growth in 2012.

At an officially held meeting with local business owners and managers, Shih stated that the global economy is expected to remain uncertain through the first quarter of 2012, and may not revive until after the second quarter.

Based on the harsh economic conditions to be seen, the Directorate General of Budget, Accounting and Statistics and the Council for Economic Planning and Development have predicted Taiwan's 2012 economy to expand 4.19% and 4.3%, respectively. Obviously more optimistic, MOEA, Shih confirmed, has projected a 4.5% economic growth rate for the year, and already mapped out several stimulus plans aimed at increasing exports, private investments and domestic consumption.

Shih indicated that the MOEA will assist local enterprises in stepping up exploring overseas emerging markets as mainland China, India, the Middle East, Brazil and Southeast Asia, in addition to the U.S. and EU bloc, in a bid to attain a growth rate of 8-10% in Taiwan's foreign trade.

Aside from goods, the MOEA will also focus on exports of services, added Shih. He noted that the cooperation between Din Tai Fung, Taiwan's best-known steamed food restaurant among foreign tourists, and Japan's department store operator, Dayeh Takashimaya, on jointly operating a chain of 47 Din Tai Fun restaurants overseas is a striking example, which will inaugurate a trend of Taiwanese food service providers going global. This will help to fuel the island's export revenue growth in the future.

In the meantime, Shih revealed that joining forces with Kaohsiung City Government to solicit private investments in Kaohsiung Software Park, the MOEA has received positive response from a couple of foreign and domestic enterprises, some of which have launched investments in the park and will serve as a growth engine for Taiwan's economic growth in 2012.

In domestic consumption, the MOEA will pin hopes of sustainable growths on increasing partnership between Taiwanese and Japanese enterprises to develop Taiwan's consumer market. Shih said that the cooperation between Taiwan's Uni President Enterprise, a chain store and department store operator, and Uniqlo, a Japan-based casual fashion chain store, has proven effective in boosting domestic consumption. Besides, Shih furthered, assisting local enterprises in retrofitting obsolete plants into tourist factories is also part of MOEA's domestic consumption stimulus plan for 2012.