Fri, Jan 25, 2019 - Page 12 News List

Ministry shares strategy to boost economic growth

By Ted Chen  /  Staff reporter

The Ministry of Economic Affairs yesterday outlined its plans to boost exports, investments, infrastructure and consumption to weather the slower growth expected this year due to ongoing trade tensions and other unfavorable macroeconomic factors.

Regarding investments, Minister of Economic Affairs Shen Jong-chin (沈榮津) told a news conference in Taipei that the government is ready to welcome four Taiwanese businesses that are returning home: Quanta Computer Inc (廣達), the main assembler of Apple Inc MacBooks and the Apple Watch; Ching Feng Home Fashions Co Ltd (慶豐富), a home decor manufacturer; network equipment maker Accton Technology Corp (智邦科技); and another company that declined to be named due to business concerns.

“The [unnamed] company is in the traditional sector and is the second-largest supplier in its industry, Shen said.

The four companies are expected to bring in investments totaling NT$18.7 billion (US$605 million) and create about 3,000 jobs, while the ministry is helping 40 other companies with their return to Taiwan, Shen said.

As for exports, Shen said that the ministry would continue to expand the government’s New Southbound Policy and “five plus two” industrial innovation program to prevent a decline in outbound trade this year.

The government has also extended the Act for Industrial Innovation (產業創新條例), a program that provides tax incentives for research and development by another 10 years, Shen said.

To boost domestic consumption, the government would also provide subsidies to encourage the public to purchase energy-efficient home appliances and electric motorcycles, which would also ease pressure on the strained energy supply, Shen said, adding the measure would attract an additional NT$6.5 billion in consumer spending.

As for the Forward-looking Infrastructure Development Program, the government aims to increase its solar energy capacity by 1.5 gigawatts (GW) after meeting a previous two-year goal of 1.527GW, Shen said.

Swancor Holding Co Ltd (上緯) is expected to complete building offshore wind energy capacity totaling 120 megawatts, which would bring in NT$22.4 billion of investments, Shen said.

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