Social innovation a key step toward new economic model for Taiwan

  • Date: 2018-08-09
  • Source: Department of Information Services, Executive Yuan

Premier Lai Ching-te today highlighted the importance of promoting innovative social development. Externally, Taiwan can demonstrate its pursuit of the United Nations’ sustainable development goals, bring the nation in line with the Organization for Economic Cooperation and Development, and strengthen links to the international community. On the domestic front, social innovation can spur economic expansion, encourage the inclusive growth of society and the environment, and create a new model of economic growth based on the core values of innovation, employment, and equitable distribution as expounded by President Tsai Ing-wen.

The premier’s remarks came at the weekly Cabinet meeting following a briefing by the Ministry of Economic Affairs (MOEA) on a social innovation action plan and the current state of planning and implementation.

At the present stage, said the premier, most socially innovative businesses are small in scale and lack name recognition in the marketplace, among other issues. As a result, they often face challenges in many areas, including capitalization and recruitment. Premier Lai thus directed all ministries and agencies to join forces and cooperate in providing assistance with such issues as raising capital and navigating rules and regulations. This aid will create a friendly environment for development, promote the growth of social innovation, nurture the rise of even more exemplars of social innovation in Taiwan, and demonstrate the nation’s positive influence.

The MOEA indicated that the action plan draws on the resources of 12 ministries and agencies, and is organized around six main strategies: cultivating values, enabling access to capital, coaching innovation, tailoring rules and regulations, promoting expansion and connecting with the world. These efforts will build a positive environment for social innovation, bring forth new models of pluralistic social innovation, and steer Taiwan toward a path to sustainable development goals as promoted by the U.N.