Page 10 - 2024 BRAVO! TAIWAN_en

Four Core Factors Leading the Way to
Economic Development and Upgrading

¾ Promoting Industrial Innovation Transformation". In the short term, Taiwan will prioritize
The goal of industrial transformation is to upgrade the the promotion of mature green energies such as wind
manufacturing and service sectors. Based on the three principles and solar photovoltaics, while maximizing deployment
of "Connect Locally", "Connect to the Future", and "Connect of renewable energy and investing in research and
Globally", Taiwan promotes the following 5+2 Industries: the development in the long term. Taiwan will institute
"Asian Silicon Valley", "Smart Machinery", "Biomedicine", a decentralized power grid, bolster the resilience of
"Green Energy", "National Defense", "New Agriculture", and the power grid, and ensure balanced power supply
the "Circular Economy" along with the "Digital Economy", "IC to provide stable, clean power and energy supply
and Semiconductor Design", and "Cultural Innovation" industry services.
innovations using existing 5G, artificial intelligence, big data,
Internet of Things, blockchain, and other digital technologies Efforts will also be made to stengthen flood resilience
to promote the 5+2 Innovative Industries Program, strengthen in response to climate change. This includes promoting
the development of emerging industries and new technologies, an integrated watershed improvement and adjustment
promote the upgrading of existing industries, and inject new plan, runoff allocation, on-site retention as well as
energy into economic growth. In order to strengthen the capacity promoting coordinated disaster relief mechanisms,
for breakthrough innovation in various industries, the government comprehensive flood preparedness and disaster
is promoting the Taiwan AI Action Plan 2.0 and the chip-driven management. A diverse and sustainable water supply
Taiwan Industrial Innovation Plan, rolling out Taiwan's future system will be developed through exploring new
technology industry first and promoting breakthrough innovation sources, conservation, distribution and backup support.
across all industries. This will create an environment where To ensure a stable water supply, efforts will also be
investment, technology, and human resources can be tightly made to promote water conservation, improve water
integrated, and will spur industry to develop industrial clusters distribution capabilities, strengthen reservoir dredging
based on local demand, while tapping into the drive for global and renewal, and establish backup water supplies under
innovation and embracing global markets. Because Taiwan effective management and flexible delivery systems.
has high surplus savings, the government will actively optimize ¾ Trade Expansion
the investment environment in the five key areas of financial Taiwan not only sells high-quality products to the
assistance, talent mobilization, relaxed regulations, international international market; more importantly, it aims to
networking, and development of innovative fields to optimize strengthen mutually beneficial exchanges with other
the investment environment for new ventures and build a visible countries to promote the circulation of technology,
future for younger people through the integration of capital, capital and goods. Specific measures underway
technology, and industry.
to enhance Taiwan's external economic and trade
Support for SMEs will aid the pursuit of innovation, international network and diversify trading partners include the
sales and capital acquisition. Through the encouragement of promotion of comprehensive economic and trade
cooperation between industry and academia, universities and relations through strengthening and expanding New
research institutions will provide SMEs and local industry with Southbound markets while continuing to cultivate
R&D, talent and technology. markets in advanced countries and emerging
economies, active participation in multilateral and
¾ Management of Sustainable Energy and bilateral economic cooperation and free trade
Resources agreements, pursuit of entry into the Comprehensive
and Progressive Agreement for Trans-Pacific
In order to achieve the goal of net-zero emissions, the government Partnership (CPTPP), strengthening of cooperation
announced “Taiwan’s Pathway to Net-Zero Emissions in 2050” with Asia-Pacific Economic Cooperation (APEC)
and will actively promote the "12 Key Strategies for Net-Zero economies to expand global business opportunities,

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