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Taiwan to implement further economic stimulus plans

2012/08/07 22:16:36

Taipei, Aug. 7 (CNA) The government is preparing to implement medium-and-long-term economic stimulus plans, which include expanding Taiwan's export markets and cultivating talent to restructure the country's economy, an official said Tuesday.

The initiatives are expected to deliver positive results "within three and a half years," Minister without Portfolio Kuan Chung-ming told local media as he outlined the plans to bolster the local economy.

The package included the promotion of industrial diversity and innovation, the expansion of export markets, the nurturing of talent, attracting greater investments and improving government efficiency, said Kuan, the convener of a Cabinet's international economic planning task force.

The plans would be implemented after they are approved by Premier Sean Chen, he said.

His remarks came hours after the Ministry of Finance said that Taiwan's exports in July fell 11.6 percent from the same month last year to US$24.8 billion, the fifth monthly decline year-on-year.

As part of the economic stimulus package, the government would help enhance the services and content of manufacturing industries, such as the information and communications technology sector, Kuan said.

It would assist old-economy industries in differentiating themselves, and develop businesses with key technologies, regardless of their size, he added.

Meanwhile, the government would make efforts to increase exports to emerging markets such as Southeast Asian countries, Kuan said, adding that participating in regional economic integration was another important task.

Follow-up negotiations on the Economic Cooperation Framework Agreement between Taiwan and China had been proceeding "in line with the schedule," he said, adding that Taiwan continued to discuss free trade deals with its major trade partners.

To combat the brain drain Taiwan faces, Kuan said, the government will have to improve Taiwan's vocational education system and nurture talent that can meet the needs of businesses.

Equally important was to develop talent that can help Taiwan achieve its goal of expanding its presence in emerging economies, he said.

For example, Taiwan could take advantage of students from Southeast Asian countries studying here, Kuan noted.

The government will also step up its efforts to attract more foreign investments and encourage Taiwanese business people based overseas to invest in Taiwan, Kuan revealed.

To improve the government's efficiency, state-run companies should also increase their investments in public infrastructure, he said.

For example, the Taiwan International Ports Corp. could play a part in constructing new transport facilities at harbors around the island, he suggested.

In related news, the government has completed 23 projects as part of a short-term economic stimulus plan announced in late 2011 to improve the local economy.

The completed projects includes measures to expand exports, increase domestic consumption, increase employment and stabilize consumer prices, Cabinet spokesman Hu Yu-wei said.

The premier will host a series of five meetings with business representatives, starting this weekend, to solicit opinions from the private sector on issues of international trade, energy policy, financing, tourism and manpower, Hu added.

(By Elaine Hou)