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Loan amounts for local businesses to be increased to spur domestic investment

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Premier Su Tseng-chang said on Thursday that the cap for loans available to enterprises will be boosted by NT$150 billion (US$5.4 billion) as a means of providing strong support for local companies. His announcement came following a briefing by the Ministry of Economic Affairs on two investment incentive programs aimed at domestically based Taiwanese businesses.

The two programs—one targeting domestic small and medium-sized enterprises (SMEs) and the other aimed at local corporations generally—are part of a major three-program package that over the past two years has attracted more than NT$1.2 trillion (US$42.9 billion) in approved investment from 927 firms, and created over 100,000 jobs, providing powerful momentum for the economy. Despite the shock of the coronavirus pandemic, businesses have not slowed the pace of investment, said the premier. Previously approved money for loans under the two programs is fully allocated, indicating the deep confidence that companies have in Taiwan's investment environment.

With over 50 businesses' loan applications pending approval, the government pledged to help these companies quickly obtain needed capital, while also providing support to more large enterprises that meet the national strategic development criteria, and SMEs that are key to supply chains. As such, the amount of loans available under the two programs will be increased by NT$150 billion, and the government will continue to subsidize the bank service fees, the premier said.

Due to the pandemic, domestic demand industries suffered a greater impact than in 2020, but the June export value of US$36.6 billion announced Wednesday by the Ministry of Finance marked an annual growth rate of over 35 percent. This represents 12 consecutive months of positive growth and pushes the export value for the first half of the year up to a record US$206.9 billion, the first time this figure has broken the US$200 billion mark, the premier said.

In the 2021 World Competitiveness Yearbook published in June by the International Institute for Management Development, Taiwan ranked eighth among countries surveyed, moving up three notches from last year for its best showing in eight years. The nation also placed third among Asia-Pacific countries, and first among economies with populations over 20 million. Taiwan improved in all four main factors of economic performance, government efficiency, business efficiency and infrastructure. For these results, Premier Su affirmed and thanked the entire government team for their hard work.

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