Taipei, The government is actively encouraging Taiwanese businesses operating in China to relocate their production facilities to Taiwan amid the ongoing trade battle between the United States and China, Premier Lai Ching-te (???) said Monday.
Speaking at an annual meeting organized by the Monte Jade Science and Technology Association, an association of technology company executives in Taiwan, Lai said the government will try to clear obstacles to investment to help companies return home.
It will continue to promote tax breaks, relax regulations and introduce proposals to resolve the "five shortages," Lai said, referring to land, water, electricity, skilled worker and manpower shortages that have long plagued the industrial sector.
Those issues were highlighted in the annual white paper published in July by the Chinese National Federation of Industries (CNFI), which represents the majority of manufacturers in Taiwan.
Lai said the government sees the U.S.-China trade dispute as an opportunity for Taiwan's economic development, and he urged Taiwanese businesses in China to seriously consider moving back home.
Although the trade battle will negatively impact some segments of Taiwan's economy, it also provides an opportunity for Taiwan to strengthen its economic resilience, Lai said.
The government, for example, is determined to support local technology development, including by increasing next year's technology budget by 5.1 percent year-on-year to NT$116.3 billion (US$3.8 billion), Lai said.
The budget, drawn up by the Cabinet-level Board of Science and Technology (BOST), will focus on technology innovations, the biotech industry, the national defense industry, green energy, smart machinery, the circular economy, new agriculture, and artificial intelligence (AI).
Source: Focus Taiwan News Channel
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