Government to stick to industrial policy

Minister of Economic Affairs Lin Yi-fu (林義夫) said yesterday that the government's present industrial development policy will continue to be carried out during President Chen Shui-bian's (陳水扁) second term in office.

Chen won re-election by a razor-thin margin in Saturday's hotly contested presidential election. His sole challenger, Chinese Nationalist Party (KMT) Chairman Lien Chan (連戰), refused to concede defeat and has filed an appeal for a vote recount.

Until the controversy over the election results is cleared up, Lin said, the government will continue to implement the industrial policy that has proved effective and successful. Lin said the ministry will also continue to help local enterprises expand globally while keeping their business roots in Taiwan.

In addition, the government will continue with financial reforms and offer easier terms for local companies needing to obtain working capital, Lin said.

Moreover, Lin said, the government will carry out 10 new major construction projects to further improve the domestic investment environment and upgrade the nation's overall competitiveness in the global market.

The 10 new construction projects will include building three artificial lakes, transforming the existing Taiwan railway into regional mass rapid transit (MRT) systems and constructing industrial parks along the high-speed railway, which is scheduled to become operational next year.

Because of changing economic climates at home and abroad, domestic investment rate has declined steadily over the past three years.