President William Lai (賴清德) yesterday touted Taiwan’s economic resilience, with the stock market ranking fourth globally and assets under management reaching NT$48.38 trillion (US$1.48 trillion), and pledged to further develop and internationalize the nation’s financial markets.
Speaking at the Taiwan Weeks, an annual international financial and capital markets event jointly organized by the Financial Supervisory Commission and Taiwan’s securities and futures industry associations, the president thanked investors and industry partners for their continued confidence in and support for Taiwan’s financial markets.
Taiwan has demonstrated remarkable resilience and maintained steady economic growth in the past few years, despite shifts in the global landscape and challenges posed by the artificial intelligence (AI) boom, he said.
Photo: CNA
The economy grew 8.76 percent last year, and growth this year is projected to exceed 11 percent, he said.
Citing Bloomberg data, he said Taiwan had risen to become the world’s fourth-largest stock market this year, reflecting the continued expansion of its capital market.
These economic achievements were no coincidence, but were underpinned by Taiwan’s strong and irreplaceable industrial foundations, he said.
Taiwanese companies boast strong profitability, highly flexible supply chain networks and pivotal positions in global supply chains, enabling the country to remain resilient amid global uncertainties, he said.
He outlined three priorities for the government to build on the nation’s industrial strengths and strengthen its financial sector, making it more resilient to challenges and better positioned for sustainable growth.
The first is to further internationalize Taiwan’s financial markets by continuing to liberalize the financial sector, expand cross-border services and deepen cooperation with global markets, he said.
The government also aims to attract more global asset management firms and financial professionals, positioning Taiwan as a key platform for international capital seeking investment opportunities in Asia, he said.
Second is to make Taiwan’s capital market more innovative and dynamic by encouraging more high-quality international companies to list in Taiwan and strengthening ties between venture capital firms, financial institutions and capital markets, he said.
The goal is to establish Taiwan as an innovation financing hub in Asia, he added.
The third is to make Taiwan a more trusted long-term investment destination, he said.
To that end, the government will continue to strengthen corporate governance and sustainability disclosures, he said, adding that Taiwan has begun phasing in the IFRS Sustainability Disclosure Standards this year to improve corporate transparency and bring local reporting practices in line with international standards.
Speaking at the same event, a senior NASDAQ executive said that Taiwan stands at the center of AI development, with the highest AI exposure in the region at 71 percent, and has been a major beneficiary of efficient capital markets.
“AI needs capital, and capital needs markets that can direct it quickly and transparently,” NASDAQ executive vice chairman Edward Knight said, adding that “Taiwan sits at the center of this story.”
Equity markets can accelerate AI development by directing capital toward productive investments and help companies fund research, build facilities and hire workers, while lowering financing costs, Knight said, adding that the process was evident in Taiwan.
Knight expressed optimism about Taiwan’s future, recalling his first visit to Taipei in 1992, when he was struck by the industriousness of its people.
“I have found Taiwan to be a place where the future is not something that happens to you, but something you build,” he said.
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