TAIPEI, (Taiwan Today) – President Lai urged the commercial and industrial sectors to collaborate with the government to ensure the country’s continued development, attending a reception held by Taipei City-based Chinese National Association of Industry and Commerce April 1 in the capital.
In response to geopolitical volatility and the spread of smart technology, the president proposed accelerating the advancement of five trusted industries, namely artificial intelligence, military, next-generation communications, security and surveillance, and semiconductors, at his inauguration in May 2024.
Through the government’s three major investment promotion projects, Taiwan’s total investment has exceeded NT$2.5 trillion (US$75 billion), creating over 160,000 job opportunities, Lai said. He added that the projects will be extended to 2027, which is expected to generate an additional NT$600 billion in investment and result in 40,000 new jobs.
According to the president, to cultivate a robust startup ecosystem, the Cabinet-level National Development Council launched Startup Island TAIWAN, which collaborates with the startup community to hold exhibitions and organize local participation in overseas events. In addition, the government has amended laws such as the Statute for Industrial Innovation to make it easier for startups to raise funding.
Entrepreneurial clusters, including New Taipei City’s Startup Terrace Linkou and Startup Terrace Kaohsiung in the southern city, have drawn over 40 domestic and overseas accelerators and 1,500 newly founded companies, Lai said.
The president also emphasized the positive impact of government loans for young entrepreneurs. With over 112,000 applications approved to date, the initiative has provided financing totaling NT$93.5 billion (US$2.8 billion), he said.
Lai further noted that Taiwan’s 2024 economic growth rate of 4.59 percent beat out Japan, the U.S. and major European Union countries and is higher than the global average of 2.8 percent. The country has become the world’s 21st largest economy, he concluded.
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