NDC unveils policies to boost private sector investment

Taipei, July 4 (CNA) The National Development Council (NDC) on Thursday proposed a set of policies that it said aim to strengthen private sector investment in Taiwan.

In a report submitted to the Economic Committee of the Legislature, the NDC outlined a series of initiatives focusing on three areas: stimulating industrial investment opportunities, ensuring a large pool of talented industrial workers, and promoting investment in national infrastructure and various key industries.

The report comes after the Directorate General of Budget, Accounting and Statistics (DGBAS) forecast that private investment growth in Taiwan could reach 1.52 percent this year as domestic semiconductor companies expand their research, development and production processes.

The DGBAS forecast also assumes that businesses will continue to invest in renewable energy and carbon-reducing equipment as they move towards a net-zero emissions target, the NDC said.

In the report, the Cabinet-level advice said policies to stimulate investment opportunities will include promoting the development of Taiwan’s core industries and small and medium-sized enterprises (SMEs), as well as creating an ecosystem conducive to innovation and entrepreneurship.

Consulting services and advice for new startups will also be provided, the NDC said, while a fund of NT$10 billion (US$307.17 million) is to be allocated jointly with the Ministry of Digital Affairs to support projects related to the local digital industry.

Meanwhile, the NDC said that in addition to recruiting talented foreign workers, further efforts are being made to ease regulations on work permits, residence, taxation and social security to attract and retain talented foreign workers working in Taiwan.

The council said that to encourage private enterprises to invest in the country’s infrastructure and key industries, measures will be taken, including the provision of financial assistance and the issuance of real estate investment trusts (REITs) to enhance the efficient use of domestic resources.

The government intends to continue to develop the domestic investment environment while leveraging existing strengths in semiconductors and information technology to promote Taiwan’s innovation-driven economy, the NDC report said.