TT: But did you see a backflow of young professionals afterwards? If not, was that because they sensed limited room for growth in Taiwan and turned to other places like Shanghai or Hong Kong?
Vuylsteke: It's true that many foreigners go to Shanghai, as it is a fast-growing place for them to check out. But another reason is that Taiwan's regulatory barriers stand directly in conflict with the government's policy.
Taiwan is developing itself into a regional training hub, but meanwhile, it requires two years of working experience for foreign young professionals to come here, against the fact that most of the trainees are fresh graduates from schools.
The other thing is that foreign companies cannot pay their interns here in Taiwan, which does not make Taiwan the first place to come for those young professionals who have a long-term interest in Asian countries, while Taiwan in fact has a better and safer environment than China. The regulatory barriers that drive away young foreign talent cannot be good for Taiwan, as people tend to form close ties with the countries and places they have exposure to.
TT: Taiwan has just completed a significant institutional reform by abolishing the National Assembly and halving the number of seats in the Legislative Yuan. What are AmCham's views about the reform?
Vuylsteke: We are upbeat about the changes and Taiwan can be congratulated for doing something so unique in democratic societies in the way it is done, especially given that foreign and local scholars have been voicing the proposal for decades to amend the Constitution, making it more functional and consistent with a democracy-based society.
We think it is a big step in the right direction and Taiwanese people should be congratulated for their insistence that the national interest not be overridden by party interests. We expect the reforms to streamline the government structure and make decision-making on economic issues more efficient and effective.
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