Circular economy will fuel new engine of industry development

  • Date: 2018-12-20
  • Source: Department of Information Services, Executive Yuan

Following a presentation at Thursday’s weekly Cabinet meeting by the Ministry of Economic Affairs (MOEA) on a plan to promote the circular economy, Premier Lai Ching-te said that with domestic manufacturers facing such problems as shortages of various resources, high energy use and environmental disputes, Taiwan should shift away from a linear economic model and develop a circular economy in which resources are conserved at every stage of the cycle, from production and consumption to recycling and disposal.

In order to simultaneously achieve economic and environmental wins and catch up with international trends, the MOEA plan calls for circular economic concepts and an appreciation of sustainability and innovation to be incorporated into every aspect of economic activity, thereby creating a new engine of industrial development.

The key to truly realizing a circular economy, said Premier Lai, is materials science. An important platform for fostering national champions in the metal, petrochemical and other manufacturing industries will be research and development centers for circular technologies and materials innovation. Success in this area will reduce the reliance of innovative businesses in Taiwan on foreign inputs and nurture critical high-level manufacturing talent for the future.

The premier charged the responsible ministries and agencies to undertake proactive, multidisciplinary cooperation in tracking the latest global trends and industrial requirements to enable Taiwan to rise as a new model for the promotion of the circular economy.