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President Tsai calls on businesses to expand investments in Taiwan

2017/11/10 21:58:29

President Tsai Ing-wen (蔡英文)

Taipei, Nov. 10 (CNA) Business leaders in Taiwan should seize the opportunity of the current economic recovery to expand their investments in the country, President Tsai Ing-wen (蔡英文) said during an industry gathering on Friday.

In an event to celebrate the 71st anniversary of the Taipei-based Chinese National Federation of Industries (CNFI), Tsai also called on the private sector to create new innovations to help drive and sustain Taiwan's economy for the next half century.

In her speech, Tsai outlined several of the government's major policies, including the New Southbound Policy, and support for the "5+2" industries, referring to the Internet of Things (also dubbed Asian Silicon Valley), biotechnology, green energy, smart machinery and defense along with high-value agriculture and the circular economy.

The effectiveness of Taiwan's New Southbound Policy has been increasingly apparent, with continuous exchanges doing more to highlight Taiwan's role in the Asia-Pacific region, she said.

While acknowledging the government's ongoing economic efforts, CNFI Chairman Rock Hsu (許勝雄) also called on local industries to further accelerate their competitiveness through brand building and innovation.

President Tsai Ing-wen (蔡英文, center) and CNFI Chairman Rock Hsu (許勝雄, right)

During his speech, Hsu also pointed to a number of underlying issues that stand in the way of Taiwan's industrial transformation, including the outflow of talent, low pay and a lack of competitiveness.

Local businesses also generally still believe the government should continue to communicate with China in an effort to keep the trade and economic relations between the two sides of the Taiwan Strait stable, he said.

Relations between Taiwan and China have been at a standstill since Tsai took office in May 2016. Beijing has cut off official contacts with Taipei because of Tsai's refusal to accept the "1992 consensus," which implies that Taiwan is a part of China.

(By Liao Yu-yang and Ko Lin)