A comprehensive plan to retain Taiwan talent as well as enhance the nation’s industrial competitiveness and cultural profile was unveiled by the Cabinet March 16.
 
The initiative is a response to incentives announced by mainland China Feb. 28 aimed at drawing capital, expertise and talent from Taiwan. It spans eight strategies: increasing remuneration for academics; promoting innovative growth; strengthening employee reward mechanisms; providing a better working environment for medical professionals; bolstering protection for trade secrets; spurring industrial upgrading to help expand Taiwan’s role in global supply chains; building stock market momentum; and cultivating the local multimedia sector.
 
According to Vice Premier Shih Jun-ji, intellectual capital can only reach its full potential in an open society built on the pillars of freedom, democracy and the rule of law. As such, the government is committed to safeguarding national security and the rights of the people, he said, adding that no effort will be spared in bolstering the economy and transforming the country into a hub of leading global talents.
 
The plan consists of 39 measures, 16 of which are newly unveiled. These include relaxing restrictions on employee reward mechanisms while maintaining compliance with International Financial Reporting Standards; providing subsidies to businesses to encourage the acquisition of smart machinery and software; and fast-tracking the review process for initial public offerings.
 
Also featured are initiatives to strengthen the audiovisual and medical industries. These comprise injecting more funds into Taiwan’s cultural content sector; strengthening exports of local cultural products; re-evaluating the distribution of human resources to emergency and intensive care units; and drafting laws to require that health care institutions allocate 5 percent of annual profits toward raising employee salaries and benefits.
 
In addition, the Cabinet-level Mainland Affairs Council will form a task force to research and monitor Taiwan-related measures adopted by Beijing.
 
According to Shih, the development of cross-strait ties should be based on the principle of mutual benefits and determined through negotiations so as to safeguard the interests of the people on both sides. (KWS-E)
 
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