TAIPEI (Taiwan News) — The American Chamber of Commerce in Taiwan (AmCham) listed out ways Taiwan can “future-proof” itself in its 2024 White Paper, released on Thursday (June 6).

AmCham defines “future-proof” as bolstering “Taiwan’s resilience and strategic economic positioning.” 

Speaking at a press conference on Thursday, AmCham Chairperson Dan Silver recommended Taiwan adopt international standards in “financial regulations, investment rules, and registration frameworks” for its chemical and pharmaceutical industries. This would “accelerate the process of increased leadership and ongoing attention,” Silver said.

Taiwan could also streamline processes to solidify its position in the global supply chain, he said. 

Silver urged Taiwan to “drastically accelerate” its transition to renewable energy and remove import tariffs. Doing so would open the industry to more investment, he said.

The chairperson also called on Taiwan to “implement safe harbor principles” and cooperate with industries to bolster digital trade. In healthcare, Taiwan should work towards “harmonizing healthcare regulations with international standards” to increase its role in international pharmaceutical and medical device markets, he said.

Silver said Taiwan could improve its workforce by “investing in domestic talent and encouraging participation of foreign nationals as well as individuals with disabilities.” He encouraged Taiwan to streamline visa processes and offer more tax incentives.  

The chairperson noted the progress made in the U.S.-Taiwan Initiative on 21st Century Trade negotiations and a double tax avoidance agreement and hoped for continued advancement in these endeavors. He also mentioned that realizing the Taiwan Fellowship Program would allow American civil servants to better understand Taiwan and vice versa.

All these efforts enhance U.S.-Taiwan relations, he said.

In its “Messages to Washington,” the white paper called on the U.S., to continue its support for Taiwan’s defense and normalize high-level government official visits. It also advocated for U.S. backing for Taiwan’s inclusion in global organizations, such as the World Health Organization and the International Civil Aviation Organization.

AmCham’s annual White Paper provides recommendations to Taiwan’s government and the public regarding issues that affect the quality of the business environment, according to its website.