President Ma Ying-jeou says that the government will work to improve Taiwan’s GDP per capita with an investment of NT$36 billion (over US$1 billion).
Ma was speaking Friday during a meeting with Harvard economist Dale W. Jorgenson. Ma said that despite brisk growth in the face of the 2008 financial crisis and the European debt crisis, Taiwan’s economy has recently contracted.
He said that Taiwan must pursue a policy of industrial revitalization like those in place in the US and Germany in order to prevent falling behind trade partners.
Ma said that Taiwan will introduce Industry 4.0, a German idea which aims to kick-start productivity. He said the NT$36 billion investment will be directed at the information, financial, export, agricultural and logistics industries. The government has set a target date of 2024 for growth.
Ma said that the government’s 2024 targets are for GDP per capita increases of 60% in manufacturing, 40% in the service sector and 70% in agriculture.