The Executive Yuan today approved a free economic pilot zone (FEPZ) plan proposed by the Council for Economic Planning and Development (CEPD) and established a task force to promote it. The CEPD and relevant agencies will work out the details of relevant promotional measures according to the plan's schedule, with the first phase of FEPZ development expected to launch in late July.
Under the plan, which aims to expedite Taiwan's economic liberalization and improve the nation's international competitiveness and industrial productivity, each FEPZ will relax regulations to ease the flow of goods, people and capital, as well as offer incentives on land use and favorable rental prices to attract investment from home and abroad.
The FEPZs will prioritize development in four areas—intelligent logistics, international medical services, value-added agriculture and industrial cooperation. Existing free-trade harbors and their environs will be designated as the first FEPZs; central and local governments may apply to create more such areas when special legislation is ratified.
The vice premier will serve as the convener of the FEPZ task force, which will take charge of examining issues such as the focal points of FEPZ development, promotional measures, regulatory harmonization, operational environments, location selection, and budgeting, as well as the coordination of various related promotional projects. The task force is a Yuan-level cross-agency platform which will integrate the resources of the various ministries.
The CEPD is currently coordinating with relevant agencies to fine-tune action plans for the development of intelligent logistics, international medical services, value-added agriculture and industrial cooperation. After being examined by the FEPZ task force in June, these action plans will be sent by the CEPD to the Executive Yuan by late July for approval so the first-phase development can kick off.