A new national development project was unveiled by the Executive Yuan July 18 in Taipei City to promote infrastructure development and key industries, cultivate personnel and build Taiwan into an Asian asset management hub.
According to the EY, the initiative was proposed during the first meeting of the new Cabinet-level Economic Development Commission convened by Premier Cho Jung-tai. It is the new administration’s response to public expectation of change-driven innovation and open governance, the premier said.
The primary goal of the mega plan is to attract between NT$3 trillion (US$92 billion) and NT$4 trillion from home and abroad to invest in major infrastructure projects and key sectors, Cho said. Facilitated by establishment of a single window with cross-ministerial coordination to address regulatory issues, investment initiatives will be fast-tracked, and the cabinet expects the project to create an estimated NT$10 trillion in economic benefits.
Equally important is the goal to foster 200,000 local professionals with expertise in artificial intelligence and attract a further 120,000 personnel from overseas. This will be achieved through a series of measures to cultivate, retain and recruit such a workforce both at home and abroad, the premier said.
In addition, National Development Council Minister Liu Chin-ching said the government will also promote regulatory easing to make Taiwan a destination of choice for the estimated 35 million digital nomads working remotely around the world.
With regard to asset management promotion, Cho said the Financial Supervisory Commission will review Taiwan’s advantages and regulatory constraints to make capital flow and utilization more flexible domestically and create greater economic benefits for all.
Source: Taiwan Today (https://taiwantoday.tw/index.php)
