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Former NSC head urges clearer industrial policy

Former NSC head urges clearer industrial policy

Taipei, March 7 (CNA) Former National Science Council (NSC) Minister Cyrus Chu (???) urged the government Saturday to establish more precise industrial policy to improve Taiwan's economic competitiveness. The current challenges of youth unemployment and low wages are a result of Taiwan's unsuccessful economic transformation, Chu said. Taiwan's economy is not driven enough by creativity or skill, which makes it difficult to have an edge over China or Southeast Asian countries, according to Chu. Start-ups that encourage innovations and patents should be the focus of industrial policy, as research shows that every start-up creates seven job opportunities on average, Chu said. The establishment of factories and facilities that generate prototypes is also necessary to support such an economic model, he said. On the issue of Chinese e-commerce giant Alibaba Group saying that it will set aside NT$10 billion (US$316 million) for Taiwanese entrepreneurs to start and grow businesses through Alibaba marketplaces and platforms, however, Chu expressed concern. Those who are interested should take into consideration the intentions of Alibaba, Chu said, raising concerns as to whether the Taiwanese entrepreneurs will fall under Alibaba's control through the project. (By Lin Meng-ju and Lee Hsin-Yin)


Updated : 2021-09-22 17:03 GMT+08:00