Taiwan, dubbed the "beautiful isle of Formosa" by early explorers, has an area of 36,000 square kilometers and a population of 23 million. After several decades of extraordinary effort, Taiwan has transformed itself into a prosperous, bustling place. After half a century of economic development, Taiwan industry has laid a strong foundation, and Taiwan has become an indispensable member of the global supply chains.The government has played an active role in helping companies to strengthen their systems integration capabilities, and is also actively promoting the development of industry clusters featuring innovative synergy. As a result, Taiwan's competitiveness is well-recognized worldwide.
Official duties and administrative goals of the Ministry of Economic Affairs (MOEA)
The MOEA's duties chiefly include the drafting and implementation of policies concerning industry, trade, energy, investment, commerce, SMEs, water resources, intellectual property rights, and standards/inspection, as well as the management of state-owned enterprises.
Promoting industrial innovation
To promote employment growth and balanced regional development, the government plans to implement five major R&D projects in the areas of Green Energy Technology Innovation Industry, Asian Silicon Valley, Asia-Pacific Biotech Pharmaceutical R&D Industry, Smart Machinery Innovation Industry, and Defense Industry, and seeks to establish innovation hotspots and industry clusters."Green Energy Technology Innovation Industry" in Shalun, Tainan. Implementation of the "Asian Silicon Valley" in Taoyuan, which will encourage the development of Internet of Things technologies and create an "Asian youth Innovation IPO center".Establishment of an "Asia-Pacific Biotech Pharmaceutical R&D Industry" connected with the world in Nangang, Taipei. Creation of a "Smart Machinery Innovation Industry" based around Taichung and taking advantage of local precision machinery expertise to develop global markets. To fostering an attractive environment for innovation and entrepreneurship, the MOEA assists with creating links and matchmaking, acquisition of international resources, and creation of a capital market that can support entrepreneurship. To support SMEs, the MOEA provides SMEs assistance in the areas of innovation, international marketing, and financing, and will strengthen industry-academia cooperation to enable universities and research institutes to become R&D talent and technology training centers and backup for SMEs and local industries
Sustainable Energy and Resources Management
Responding to global warming, the government will promote energy conservation and carbon reduction, boost energy efficiency, and emphasize sustainable management of the environment. To achieve a nuclear-free Taiwan by 2025, the MOEA will actively develop new green energy, with the target of renewable energy accounting for 20% of Taiwan's total power by 2025, and is providing the market structure and legal basis needed for energy structure transition.The MOEA enhances river flood control systems, integrated disaster mitigation and relief mechanisms, and comprehensive flood control preparation and disaster mitigation management, develops desalination and water recycling, establishes a diversified, sustainable water supply system, promotes water conservation, and upgrades water resources distribution.
Developing Strategic Arrangement for Trade
Taiwan is highly dependent on external trade. In order to enhance Taiwan's external trading position and diversity, the MOEA broadly promotes Taiwan's trading relationships and strengthens trade with emerging markets, actively participates in bilateral and multilateral economic cooperation as well as free trade negotiations, strives to join regional trade initiatives, promotes a “New Southbound Policy,”and strengthens connections with advanced countries in industry technology.
Creating Attractive Business Environment
Located in a central position in the Western Pacific, Taiwan has convenient international air/sea transportation. Thanks to a tight-knit trading network spanning East Asia, a knack for innovation and R&D, superior manufacturing capabilities, and many business incentives, Taiwan's investment environment is competitive with that of leading nations and ranks high in many international surveys.To encourage multinational firms to invest in Taiwan, the MOEA creates a fair environment for industry development, integrates and upgrades management of water, electricity, land, manpower and talent resources, establishes a solid framework for investment promotion, and simplifies investment procedures to increase investors' confidence. To adopt international norms and establish laws and regulations that support innovation, R&D, service and knowledge-oriented industries,the MOEA performs full-scale reviews of relevant laws and regulations, and aims to lay a solid foundation for a new economic development model.
Goals and Vision
To strengthen demand, the MOEA will take exports and domestic demand as dual engines of growth, promote manufacturing and the improvement of people's lives, encourage linkage between trade and the local economy, and strive to ensure Taiwan's economic autonomy through foresight, establishment of global ties, and attention to local economic activities. The MOEA will take innovation, employment, and distribution as the key elements of its new economic development model, shift from "efficiency-driven" economics to "innovation-driven" economics, and use innovation to strengthen Taiwan's global competitiveness. The MOEA will devote its full efforts to promoting the transformation and upgrading of the country's industrial structure, with future industries, green energy industry, and the lifestyle industry as key areas, and will strive to realize balanced economic, environmental and social development, while ensuring the benefits are shared by all citizens.