Policy Update

〈Five Innovative Industries〉

5 Industries Innovation Policies Program

To forge new momentum for economic growth, the government has selected the five leading innovative industries of Asia Silicon Valley Taiwan, smart machinery, green energy, biotech & pharmaceutical industry, and national defense, which possess both the capacity of domestic demand and local characteristics, as the core for pushing forward the next-generation industrial growth of Taiwan.

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〈New Southbound Policy〉

To meet the challenges of regional economic integration, the Executive Yuan has reassessed Taiwan’s external economic strategy and set forth the “New Southbound Policy Promotion Plan” based on guidelines announced by President Tsai Ing-wen. Built around the core concepts of long-term exploration, multipronged development and mutual benefit, the promotion plan will integrate the resources and strengths of central government agencies, local governments and private companies and organizations. By linking resources, talent, markets and technologies with ASEAN, South Asia, Australia and New Zealand, Taiwan will create a new model of economic development and help drive growth and prosperity for the entire region.

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〈Contact Taiwan Program〉

The Executive Yuan approved the “Contact Taiwan Program” in September 2015, launching Taiwan’s all-out campaign to attract talent globally. A joint virtual-real promotion method is adopted, through the Executive Yuan Global Business Solicitation and Talent Recruitment Joint Services Center with dedicated case managers handling cases via a single service window and using customized service to provide global talent matching as well as providing consultancy to overseas talent with respect to pre-arrival assessment, entry application and life after entering Taiwan. Also, with respect to improving Taiwan’s talent competitiveness conditions and building a friendly environment for retaining talent, through flexible salaries, reform of the Scientific Research Funds Subsidies plan and deregulation with respect to recruiting and retaining of talent, enterprise talent competiveness conditions will be improved, creating a talent friendly living environment and enhancing enterprise talent retention incentives.

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