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CEPD says service sector to become key

The Council for Economic Plan-ning and Development predicted yesterday that the service sector workforce will top 6 million by 2008.

Council officials said that to achieve an average economic growth of 5 percent annually between this year and 2008 -- at a time when the growth of the agricultural and manufacturing sectors is unlikely to register a dramatic increase -- Taiwan has to transform itself into a high value-added manufacturing center as well as step up the development of its service industry.

The officials predicted that the service industry's growth between now and 2008 will be 6.1 percent annually, while its gross production will increase from NT$6.34 trillion (US$185.9 billion) last year to NT$8.55 trillion in 2008, accounting for 67 percent of the GDP by 2008 from 63.5 percent last year.

The service sector workforce will also increase to 6.139 million in 2008, or 60 percent of the total employed population, from the 5.543 million last year, or 57.9 percent of the employed population.

The officials said that the council is promoting a strategic service industry that must have a potential competitive edge internationally and a high willingness to work in tune with the government.

The industry must have high creativity and efficiency, high growth potential and high production values. It must also create a lot of job opportunities, the officials said.
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