Minister of Economic Affairs Steve Chen (
Chen said that Taiwan's exports have remained strong, but added that if the country wants to sustain growth, domestic demand has expand, noting that a major investment project announced recently by the Executive Yuan was aimed at promoting private investment to make it the prime mover of economic growth.
He made the remarks while delivering a speech on the economic policy and investment environment in Taichung, central Taiwan.
He noted that Taiwan in the past achieved economic growth through competitive pricing and that to pursue sustained growth, it now faces the challenge of how to find its global and regional niches amid the trend of regional trade agreements that have created a new economic landscape in the region. Dealing with China's emergence in recent years has also become a key variable in global economic development.
He noted that exports in the first nine months of the year grew by 14 percent, while export orders grew by 18 percent during the same period and are expected to grow further in the following months.
With exports continuing to be strong, economic growth for the whole year has been adjusted upward to 4.39 percent this year, he added.