President Tsai Ing-wen is inviting foreign businesses to invest in five major innovative industries in Taiwan. She was speaking on Monday at the 2016 Taiwan Business Alliance Conference hosted by Taiwan’s economics ministry.
The five innovative research-based industries are: green energy, the Internet of Things, bio-medicine, smart machinery, and national defense.
Tsai said the goals of the new plan are the creation of fair job opportunities and salary distribution. She said those, in turn, can help boost economic growth and enhance competitiveness.
The president said that economic transformation involves many things, including relaxing outdated regulations, improving the investment environment, and attracting overseas talent.
"To this end, our government agencies have been actively reviewing the relevant systems, and introducing reforms when needed, with the aim of building an even better investment environment," said Tsai.
Tsai said Taiwan urgently needs to participate in global economic integration and sign free trade agreements with other countries. She said the government is working hard for Taiwan to enter regional trade pacts like the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership
The president said Taiwan is also promoting the New Southbound Policy, which aims to strengthen ties with South and Southeast Asia, as well as with Australia and New Zealand in the areas of trade, investment, education, agriculture, technology, manufacturing, tourism, and culture.