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Taiwan should consider if electronics can sustain growth: expert

Taiwan should consider if electronics can sustain growth: expert

Taipei, Sept. 11 (CNA) Academia Sinica President Wong Chi-huey said Saturday that as Taiwan's economic growth has been on a "steady decline" over the past 50 years, it is time for the country to think about whether its economic development -- mostly driven by the electronics industry -- is sustainable.
Wong, head of Taiwan's highest academic research institute since 2006, said at a seminar that Taiwan has been focusing on developing the electronics industry, with contract precision manufacturing as a major business model.
Taiwan has 17 products that top the world in production terms, most of which are in the electronics sector, Wong noted.
"That is Taiwan's pride, but we need to think about why that has not led to sustainable economic growth," he said.
Wong suggested that Taiwan could begin from fundamental research into healthcare, and then develop it gradually into preliminary clinical research, in order to create a new business model.
He noted that the global healthcare market is estimated at about US$6 trillion, covering not only disease treatment but also preventive healthcare and the personal healthcare market.
Taiwan should also establish new industries from a research and development angle, according to Wong.
Wong said that forward-looking planning is required for the sustainable development of the country. During the decision-making process, academics could play an important role, he added.
Wong also said Taiwan's education is still not doing enough to equip people to handle future challenges.
He explained that local education has not adapted well to the development of the country's industries, causing a gap between the supply of talent and the demand of industries.
Wong said that academic research should be adapted to technology development if the country is to enjoy future growth.
(By Hsieh Chun-wei and Fanny Liu)




Updated : 2021-04-14 09:52 GMT+08:00