President Ma Ying-jeou says that Taiwan needs to upgrade its industries to improve its economy. He was speaking at an awards ceremony for overseas Chinese entrepreneurs on Wednesday.
Ma said Taiwan has been affected by the challenges the global economy has faced, such as the financial crisis and European debt crisis. But he said that outsiders would say that Taiwan’s economy is not bad, so people should not be too pessimistic.
Ma said that the second half of this year has seen slow growth and the domestic economy probably will only grow by 1% this year. He also said that exports account for 70% of Taiwan’s GDP .
Ma said Taiwan has a low cost of living but also low wages, a situation he said can only be improved by restructuring and upgrading Taiwan’s industries. He said that Taiwan also faces the challenge of having its trade partners signing FTAs with each other. Ma said that Taiwan must also pursue FTA’s and upgrade its productivity.