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Taiwan aiming to attract more foreign investment: premier

2018/02/22 15:03:36

Taipei, Feb. 22 (CNA) Premier Lai Ching-te (賴清德) said Thursday that the government has rolled out five strategies to optimize the environment for investing in startups, with the aim of fostering at least one unicorn startup -- a privately owned startup valued at over US$1 billion -- every two years.

Meanwhile, the government also aims to turn Taiwan into a capital pooling center in Asia in five years by boosting the growth of capital investment in startups by NT$5 billion (US$170.8 million) per year, according to Lai.

He made the remarks at a press conference after receiving a briefing from the National Development Council on an action plan for optimizing the startup investment environment during a regular Cabinet meeting earlier in the day.

The five strategies include furnishing startups with funding in the initial stages, talent development and regulatory adjustment, forging partnerships between the government and startups, providing diversified exit channels for startups and helping startups make inroads into the global market.

Lai also outlined three major administration directions for this year. First is to provide a safe living and good employment environment. To that end, the government will step up its efforts in maintaining social order, combating drug-related crime and fighting organized crime, while boosting economic development to address the low wage problem.

Meanwhile, to promote Taiwan's balanced development, Lai said that the government plans to rezone the country's administrative regions, amend the Act Governing the Allocation of Government Revenues and Expenditures and reform job-grading systems for civil servants in the municipal and non-municipal governments.

In an effort to boost the country's birth rate, the government will create an environment more favorable for rearing children by amending legal regulations and adopting other measures.

Relevant measures to meet the three administrative goals will soon be revealed, Lai said.

In addition, the government has come up with major policies regarding stepping up its anti-drug campaign, improving food safety, promoting air pollution prevention and control, boosting the green energy industry and forging and promoting trade relations with South Asian and Southeast Asian countries.

Asked how the government will tackle the low salary problem, Lai said that promoting investment in Taiwan is crucial to addressing the issue, adding that the Cabinet therefore has put great efforts into tackling the "five shortages" -- referring to shortages of water, power, labor, land and talent, to enable businesses to upgrade, and into amending the labor law to better protect workers' rights.

(By Ku Chuan and Evelyn Kao)
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