The 2003 Taiwan Business Alliance Conference hosted by the Executive Yuan ended with great successes. So far, it is estimated that this year the amount of foreign investment in Taiwan will be as great as NT$ 140 billion dollars.
Moreover, the conference has facilitated the signing of 14 cooperative memorandums, and the announcement by 12 foreign firms about plans to invest in Taiwan.
For example, US pharmaceutical firm Pfizer now not only plans to increase the size of its present investments in Taiwan but also intends to spend NT$700 million to erect brand new office facilities in Tamsui. UK retailer Tesco plans to open six more stores in Taiwan, offering more than 2,000 job opportunities. Ncsoft Corp, the biggest South Korean online game company, and Access, a leading Japanese software provider, among other foreign firms, will also invest in Taiwan.
Besides multinational firms investing in Taiwan for the first time, many major firms already investing in Taiwan, such as Ericsson, have expressed their willingness and interest in enlarging their investments in Taiwan.
While some of our countrymen may give bleak forecasts for the future of Taiwan's economy, the enthusiastic investments of foreign firms indicate that the investment environment in Taiwan has not deteriorated.
Rather, it is due to its excellent investment environment that Taiwan had been able to survive the economic downturn caused by both the international economic recession and the SARS outbreak, winning the confidence and investments of foreign firms.
For example, a famous international express delivery firm, DHL, has decided to establish its regional operations center in Taipei, primarily because of Taiwan's political stability, good business environment, excellent infrastructure, and transparency in government policy implementation.
Taiwan enjoys many other strong points and advantages that are attractive to investors. For example, the geographical location of Taiwan is suitable for becoming the regional marketing and distribution center for multinational firms, especially those eyeing the Chinese market. Taiwan also currently has many internationally renowned air and sea carrier companies, which in turn can help facilitate the establishment of a supply chain.
To solicit foreign investors, the government currently offers many preferential tax treatments to them. This is not to mention the fact that the current tax rates of Taiwan are already much lower than those of many other countries.
To many firms, these are important attractions. Moreover, in many key industries, such as bio-tech, the preferential treatments extended by the government, the high performance efficiency of the related industries, the low manufacturing costs, the professional R&D capability and the protection of intellectual property rights together, make Taiwan well qualified to become an international R&D center.
The biotech firm UBI established its R&D center in Taiwan precisely because of the government's efforts in developing high-tech industries and training high-level high-tech professionals have significantly helped successful developments of the telecommunication and electronic industries. As a result of the alliances between colleges and various R&D centers, the local employees are not only capable but also professional.
The remarkable management personnel of Taiwan is another appeal for the biotech industry. UBI also believes that the rapid growth of the Asian market in the health-care and pharmaceutical industry and the past experience of cooperation between Taiwanese firms and multinational firms are conductive to the stable manufacturing and operation management capabilities of the company in Taiwan.
Further encouraged by the government's support and favorable treatment, the firm believes that Taiwan is a very suitable site for multinational firms to establish their operation centers.
Obviously, there is much to be done to upgrade Taiwan's investment environment. For example, updates and amendments of laws regulating economic development and foreign investments, so as to extend attractive packages to foreign investors are much needed.
The Ministry of Economic Affairs' efforts in this regard have already won much recognition from the firms participating in this conference. However, much more remains to be done, especially in the area of implementing these newly amended laws and regulations, upgrading the infrastructure, and importing new technologies. Particularly important to the government and businesses is the introduction and adoption of internationally accepted standards in the establishment of infrastructure and investment-related regulatory mechanisms, so as to bring them in line with the international community and improve efficiency.
Taiwan must cultivate core economic competitiveness, and to do that it must give top priority to the economy in its policy implementation. The purpose is to effectively improve the investment environment and establish a well-coordinated and comprehensive regulatory framework, as well as to market core technology, so that industries may be upgraded and achieve greater development.
Academic research indicates that currently China has surpassed the US and become the greatest buyer of Taiwan's exports, reflecting the structural change in Taiwan's export activities and increasing economic reliance on China. So, it is critical to speed up the pace of Taiwan's trade and economic liberalization, so as to give foreign investors reasons to invest in Taiwan and thereby stimulate diversified exports, leaving behind the excessive dependence on China.
At the same time, Taiwan must erect a firewall against China, so as to keep the research and technology centers of the high-tech industries in Taiwan. This will not only help Taiwan enjoy industrial competitiveness, but also decrease dependency on China and safeguard the development and security of Taiwan's economy.
In the process of globalization and regionalization, both the government and also business enterprises must come up with appropriate policies to strengthen competitiveness and avoid becoming obsolete.
In the face of increasingly fierce economic competition, especially the competition between the two sides of Taiwan Strait, we sincerely call on the government not to be self-satisfied in view of the improving economy and the success of this recent conference. It should continue to assist Taiwan to march toward the goal of being the regional R&D and operations center.
It should utilize its capital, the high quality professionals, the innovative technologies, the excellent geographical location, and remarkable administrative efficiency to successfully help Taiwan.
That way it can be the marketing and management base of multinational firms in the Asian market or the Greater China market and build a more solid foundation for Taiwan's economic development.
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