I would like to comment on the article on Lee Teng-hui's (李登輝) remarks on economic policy ("Lee Teng-hui criticizes economic policy," March 19, page 3).
The article seems to be about Taiwanese outbound investment and its repercussions on the local economy. It also talks about using South Korea as a good example.
South Korea opened up its markets to foreign investment, among other measures, in order to deal with the massive debts it had incurred. Is Taiwan as willing to open itself up to foreign investment?
Also, I liked Huang Tien-lin's (黃天麟) perspective as quoted in the article: "Meanwhile, when Taiwan was isolated from China and cross-strait investment was not allowed, average GDP growth was 8.2 percent in the 1950s, 9.1 percent in the 1960s, 10.2 percent in the 1970s and 8.1 percent in the 1980s."
During those time periods, China was not the powerhouse it is today. Many multinationals were setting up factories during those periods in Taiwan to take advantage of a hardworking, educated, inexpensive work force. Now, the titans of industry only come here as a stopover on their way to China. They find the best managers in Taiwan for their future parlays into the PRC.
If Taiwan wants to see 8 percent and 9 percent growth in its future, it may want to promote some of its amazing cottage industries and court more foreign small and medium enterprises. Such a stimuli will revitalize the economy.
Harry Hobson
Taipei
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