President Tsai Ing-wen vowed in an article for The World in 2017 published this month by The Economist to “make Taiwan an Asian tiger once again” through reforming, renewing and revitalizing the country’s economic, social and political institutions while preserving the basic social safety net and maintaining a strong culture of democracy and transparency.

“My economic plan for 2017 focuses on upgrading industries and overcoming stagnation,” Tsai said. “We are laying the groundwork for a more inclusive economic model based on innovation, job creation and the idea that growth should benefit everyone, not just the few.”

According to the president, Taiwan can “compete better in the future global economy” by capitalizing on its strengths like a mature industrial cluster, R&D capabilities and flexible small and medium enterprises, as well as channeling resources into nurturing biotechnology, green energy, the Internet of Things, national defense and smart machinery.

These five emerging and high-growth sectors, as well as promotion of the circular economy and a new paradigm for agricultural development, form the backbone of the government’s five-plus-two industries initiative.

Tsai said efforts will be directed toward improving Taiwan’s business environment. These include attracting more innovation-orientated foreign direct investment, refining the local capital market and rethinking how best to deploy human capital in support of entrepreneurs and tech startups.

On the global front, the president said the government’s New Southbound Policy is at the vanguard of efforts to deepen agriculture, business, culture, education, tourism and trade links with Association of Southeast Asian Nations member states, South Asian countries, and Australia and New Zealand. One of its top priorities is bolstering people-to-people exchanges and talent flows between Taiwan and Southeast Asia.

At the same time, “Taiwan is ready to join multilateral trade regimes,” the president said, citing preparations such as reducing red tape, streamlining investment regulations and strengthening intellectual property rights. “We are also working towards signing bilateral agreements with important trading partners.”

But none of these goals can be achieved without regional stability, Tsai said. “We will seek dialogue with all interested parties, including China, to build a framework for peace and prosperity in the Asia-Pacific region. My cross-strait policy is to establish consistent, predictable and sustainable relations under the existing constitutional framework.”

Other priorities for the president include reforming Taiwan’s system of public pensions, providing more affordable social housing and fully implementing the Long-term Care Plan 2.0, which aims to increase access to and the quality of health care for the nation’s elderly and disabled through thousands of community centers.

Tsai, who doubles as chairperson of the Democratic Progressive Party, took office in May as the first female president of the Republic of China (Taiwan). Her party won the majority of seats in the Legislative Yuan for the first time following the January legislative election. (SFC-E)

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