Taiwan President pledges to support small and medium businesses

Tsai commits to continue supporting Taiwan’s SMEs to foster more jobs and economic dynamism

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President Tsai Ing-wen (From Tsai's Facebook)

President Tsai Ing-wen (From Tsai's Facebook)

TAIPEI (Taiwan News) – Taiwan President Tsai Ing-wen (蔡英文) pledged to continue to support Taiwan's small and medium-sized enterprises (SMEs), saying they are Taiwan's economic lifeline, during a conference in Taipei on Sept. 10, reported CNA.

Taiwan will support SMEs who foster Taiwan's dynamism and seek to expand southbound, said Tsai.

According to statistics from the Ministry of Economic Affairs, Taiwan has over 1.3 million SMEs, employing almost 80 percent of the workforce. Tsai spoke at a joint SME industry association event in Taipei today.

Tsai said SMEs play a significant role in Taiwan's economic dynamism and are central to job creation. She added that the government will continue to support SMEs, in order to maintainTaiwan's competitive advantages and to help firms to adapt to future challenges.

The Ministry of Economic Affairs (MOEA, 經濟部) set up the "Small Business Innovation and Research Program" (SBIR, 小型企業創新研發計畫) last year, and Tsai suggested this scheme helped foster innovation and entrepreneurship.

Tsai said that the government is supporting small business expand internationally, with the "New Southbound Credit Guarantee Scheme" (新南向信用保證方案) by providing guaranteed funding, which will also help the government achieve its goals as part of the New Southbound Policy.