President Tsai Ing-wen said Jan. 1 that the government has upheld its commitment to maintaining the cross-strait status quo and safeguarding democracy and peace while reducing economic challenges for the public and expanding Taiwan’s reach on a global scale.
Tsai made the remarks while delivering her New Year’s Day address at the Presidential Office in Taipei City.
Over the past eight years, the world has undergone drastic changes, Tsai said, adding that the COVID-19 pandemic and extreme weather events have impacted governments across the globe and tested their response capabilities. Despite such difficulties, Taiwan’s 23 million residents have not only weathered the storm but even made a positive difference in other countries through numerous Taiwan Can Help initiatives.
According to the president, under her tenure Taiwan has seen the investment climate improved, the economic structure strengthened, the urban-rural divide shrunk and overall quality of life enhanced through policies such as the Forward-looking Infrastructure Development Program, five-plus-two innovative industries plan, and the six core strategic industries initiative.
Currently, the country, which is home to 23 million people, is the world’s 21st-largest economy and its overall competitiveness is ranked sixth in the world, Tsai said. Instead of depending on a single market, Taiwan has formed robust economic ties with major economies, as evidenced by the respective 70 percent and 120 percent surge in exports to Japan and the U.S. since 2016; trade agreements signed with Canada, the U.K, and the U.S.; and the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income signed with South Korea, she added.
The administration has taken various measures to reduce economic hardship for citizens in light of rising commodity and housing prices resulting from the pandemic and inflation, the president said, citing the tax reforms, enhanced long-term care budget, higher minimum wage and increased childcare subsidies implemented by the government. Tuition assistance will also be available to students who attend private colleges or universities, and a total of 200,000 social housing units are set to be completed by the end of 2024, Tsai added.
The president said that while it is hoped Taiwan and China can resume peaceful dialogues and establish stable long-term coexistence, the reinforcement of national defense capabilities is vital, with the total defense budget for this year to hit a new high of NT$600 billion (US$19.5 billion).
Taiwan must expedite its development of renewable energy, which is critical to ensuring the country’s industries remain competitive, Tsai said, vowing that the government will continue promoting economic transformation to maintain the country’s leading position in key global sectors.
Source: January 02, 2024 Taiwan Today
