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Outline

The Ministry of Economic Affairs under the Executive Yuan is an important agency in charge of national economic administrative operations. The chief duties of the MOEA 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.

Taiwan’s New Economic Development Model

The MOEA is actively working in line with the government’s industrial policy vision of creating a new economic development model with “innovation, job creation and equitable distribution” as the key principles. . Efforts include promoting industry upgrading to transform the engine of economic growth from “efficiency-driven” to “innovation-driven” to boost Taiwan’s global competitiveness, while striving to achieve balanced economic, environmental and social development in order to ensure the benefits are shared by all citizens.

 

Promoting Industrial Innovation

Industrial innovation and R&D

The MOEA has been formulating and implementing a range of policies and measures in line with the "five plus two" innovative industries program -- a major government initiative aimed at fostering the development of the green energy, biotech pharmaceutical, smart machinery, Internet of Things (Asia Silicon Valley Plan), and defense, as well as new agriculture and circular economy sectors. The program also aims to promote employment growth, balanced regional development, and the establishment of innovation hotspots and industry clusters.

Innovative Entrepreneurship Incubation and SME Support

The MOEA provides assistance to SMEs in the areas of innovation, international marketing and financing, and is working to 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. In addition, in order to create a localized startup platform, the MOEA has established the Start-up Hub, and has enlisted the support of local governments, organizations and industry clusters in strengthening public-private cooperation mechanisms intended to accelerate the incubation of startups and foster internationalized entrepreneurship.

 

Sustainable Energy and Resources Management

Energy Transition and Electricity Market Liberalization

The government has launched energy transition and electricity market reform with the aim of establishing a low-carbon, sustainable, stable, and economically efficient energy system. The government has set the goals of making Taiwan nuclear-free, with green energy accounting for 20 percent of the island’s total power generation. Revision of the Electricity Act is aimed at creating the legal foundation and market structure required for achieving energy transition and establishing a green and diversified power system.

 

Enhancing Water Resource Management and Flood Prevention

The MOEA has continued to actively enhance river flood control systems, integrated disaster mitigation and relief mechanisms and comprehensive flood control preparation and disaster mitigation management, as well as to develop desalination and water recycling, maintain a diversified, sustainable water supply system, promote water conservation, and upgrade water resources distribution.

 

Diversifying Trade Outlets

As part of efforts to diversify Taiwan’s external trade outlets, the MOEA works to foster Taiwan's trading relationships and strengthen trade ties with emerging markets; actively participates in bilateral and multilateral economic cooperation as well as free trade negotiations; strives to join regional trade initiatives; and promotes closer ties with New Southbound Policy nations and advanced economies.

 

Creating an Attractive Business Environment

The MOEA is carrying out a comprehensive review of related laws and regulations such as the “Statute for Industrial Innovation” and “Company Act," with the aim of establishing a regulatory regime that is in line with international standards and that facilitates innovation, R&D, services and knowledge-oriented industries, so as to lay a solid foundation for the new economic development model.

Furthermore, to encourage multinational firms to invest in Taiwan, the MOEA is creating a fair environment for industry development, strengthening human resources recruitment, fostering a friendly environment that facilitates talent retention, and simplifying investment procedures to increase investors' confidence.

 


Update: 2019-03-05
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Department of International Cooperation
No.15, Fuzhou St., Zhongzheng Dist., Taipei City 10015, Taiwan (R.O.C.)
    
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