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President's six core strategic industries to power economic growth

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Premier Su Tseng-chang on Thursday said that the Six Core Strategic Industries outlined by President Tsai Ing-wen in her 2020 inaugural address comprise a key national policy that will build on the foundations of the "five plus two" innovative industries plan to transform Taiwan into a center for high-end manufacturing, high-technology research and development, advanced semiconductor manufacturing, and the development of green energy. His remarks came following a briefing on the core industries by the National Development Council (NDC) at the weekly meeting of the Cabinet.

Taiwan has been working diligently for several years to improve the local investment environment and loosen laws and regulations for business, said the premier. In the opening stages of the U.S.-China trade conflict, the government took advantage of the situation with three major programs aimed at boosting investment in Taiwan. Together with ongoing work under the Forward-looking Infrastructure Development Program and the current promotion of the Six Core Strategic Industries, these efforts will solidify domestic industries' position as reliable partners in international supply chains and add forward momentum to Taiwan's economic development.

The NDC identified the Six Core Strategic Industries as information and digital technology, cybersecurity, medical technology and precision health, green and renewable energy, national defense and strategic industries, and strategic stockpile industries. By moving early with preparations and building on the foundations of the "five plus two" innovative industries plan, Taiwan will gain first-mover advantage in capitalizing on opportunities in the post-pandemic era created by reordered global supply chains.

The current initiative relies on a strategy of strengthening fundamental environmental factors that will benefit all six industries in common, said the NDC. These include recruiting and cultivating bilingual professionals and digital talent, improving the basic legal environment, and providing responsive financial support. Adding depth and breadth to such soft infrastructure will play a key role in supporting the development of the core strategic industries.

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