Cabinet planning public infrastructure investment worth trillions of NT dollars

Taipei, July 18 (CNA) Premier Cho Jung-tai (卓榮泰) told a press conference on Thursday that the Cabinet was planning to raise at least NT$3 trillion (US$91.98 billion) of capital for public infrastructure projects.

"Our goal is to attract NT$3-4 trillion in domestic and overseas capital to invest in major infrastructure projects and the development of key industries in Taiwan," Cho said, shortly after the newly founded Economic Development Commission convened for the first time.

With that in mind, the Cabinet will set up a platform bringing together different government agencies to facilitate the process, Cho added.

According to Paul Liu (劉鏡清), head of the National Development Council, the estimated amount will come mainly from Taiwan's insurance companies, which have about NT$22 trillion in capital overseas, with approximately NT$3.27 trillion currently available to be redirected to Taiwan.

Liu said representatives from the insurance industry have expressed strong interest in investing in public infrastructure projects, such as water pipe replacement or parking construction.

"It is now an excellent time to invest in national development," Executive Yuan Secretary-General Kung Ming-hsin (龔明鑫) said at the press event, noting that the government required more funding for public projects and that private investors were also looking for good investment opportunities.

In addition to the initiative to draw investment, the new commission also discussed relaxing financial regulations and foreign talent recruitment requirements during Thursday's meeting, said Liu.

Liu said individuals from "various lines of work" who possess "digital skills" would be desirable, when asked about the types of foreign workers the government aims to attract through easing regulations.

The Economic Development Commission under the Executive Yuan has been described by the premier as a task force responsible for formulating policies and tackling various economic issues.

Headed by Cho, the commission also comprises Vice Premier Cheng Li-chiun (鄭麗君) and other ministerial heads.

It also includes a consultant group consisting of 50-60 business executives and experts, but as of now, the Cabinet is unable to provide a full list.