Efforts Regarding the Initiatives

One major initiative is the government’s “5+2 Innovative Industries Plan,” which focuses on developing seven key industries, including biotech and pharmaceuticals, green energy, and national defense. The plan aims to attract more foreign investment and to encourage domestic companies to expand into these industries.

President Tsai Ing-wen has emphasized the importance of foreign investment in Taiwan’s economic growth, stating in a speech at the 2019 Taiwan Business Alliance Conference, “We are committed to creating a business-friendly environment and providing all the necessary support to attract foreign investment and talent to Taiwan.”

The government has also implemented policies to make it easier for foreign companies to invest in Taiwan. For example, in 2020, Taiwan’s legislature passed the “Foreign Professional Talent Act,” which provides incentives for foreign professionals and investors to live and work in Taiwan, including tax breaks and streamlined visa processes.

Taiwan Goes International

In addition to these efforts, Taiwan has also been increasing its participation in international organizations and events. In 2020, Taiwan was granted observer status in the World Health Assembly (WHA) for the first time since 2016, a move that President Tsai described as “a testament to the international community’s affirmation of Taiwan’s disease prevention and healthcare capabilities.”

Taiwan has also been seeking to expand its international presence through cultural diplomacy. In a 2018 speech at the opening of the Taiwan Contemporary Culture Lab, President Tsai stated, “Cultural and creative industries have become a new growth engine for Taiwan’s economy, and a crucial tool for Taiwan’s soft power diplomacy.”