Vice President Lai Ching-te delivers an address during an economic forum staged by CommonWealth Magazine Jan. 11 in Taipei City. (Courtesy of Presidential Office)
 

The government is committed to making Taiwan an integral part of global supply chains, cementing the country’s position in the world economy, according to Vice President Lai Ching-te Jan. 11.

The COVID-19 pandemic has impacted the world economic landscape profoundly, Lai said. This is illustrated by the restructuring of global supply chains and new consumer lifestyles and consumption patterns, he added.

Although these developments present tremendous challenges for Taiwan, Lai said, they offer an array of potential-laden opportunities for the country’s firms to boost resilience and embrace transformation.

Lai made the remarks while attending an economic forum organized by Taipei City-based CommonWealth Magazine.

According to Lai, Taiwan recorded economic growth of 3.11 percent in 2020, the highest among the Four Asian Tigers, on the back of the country’s successful efforts to combat COVID-19. This figure is expected to exceed six percent with per capita gross domestic product increasing to over US$30,000 in 2021, he added.

On the global front, Lai said, no effort is being spared in strengthening Taiwan’s trade and investment links with key trading partners, citing the Taiwan-U.S. Trade and Investment Framework Agreement Council meeting and the country’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership as notable examples.

The government will continue to fast track the development of the digital economy in Taiwan on the basis of the Five-Plus-Two Innovative Industries Plan and the Six Core Strategic Industries, which center on forward-looking technologies such as artificial intelligence, 5G and the Internet of Things, Lai said.

In terms of sustainable development, green energy remains at the heart of Taiwan’s development plan, highlighting the country’s commitment to achieving its goal of net zero emissions by 2050, he added.

The Six Core Strategic Industries are based on the government’s Five-Plus-Two Innovative Industries Plan. Launched in 2016, the undertaking fosters the development of the biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things sectors, as well as the circular economy and a new paradigm for agricultural development. (DL-E)