To respond to rapid changes in the domestic and global economies and to address the development needs of newly emerging strategic industries, on December 7, 2021 the Executive Yuan approved a policy designed to optimize five major factors relating to industrial investment for the period 2021-2024, with the goals of creating a favorable business environment and laying solid foundations for the nation's future industrial development. Since the policy's introduction, significant progress has been made. The domestic investment environment is now more favorable and competitive than before, which has helped Taiwan to successfully navigate various threats such as the COVID-19 pandemic, Russia-Ukraine war, a severe drought, shortages in raw materials and manpower, high inflation and rising construction costs. Furthermore, Taiwan's enhanced investment climate is projected to be able to meet the future development needs of the nation's key industries.
Specific measures
■ Land: Build a customized and flexible supply and demand mechanism to proactively assist businesses with land-use requirements by promoting the vertical expansion of industrial parks, strengthening land-matching services, partnering with leading industry players to develop new industrial zones and conducting a national survey of vacant industrial land.
■ Water: Ensure a stable and safe water supply to industries, accelerate leakage reduction and conserve water use within the agricultural sector through the main strategies of diversifying water sources, conserving water, adjusting supply allocation and enhancing backup systems. Construct more trunk mains to support regional water allocation, as well as pipe networks to supply industrial parks, thereby strengthening water supply resilience and the efficacy of the emergency water reserve system.
■ Electricity: Through the primary strategies of enhancing demand management, ensuring stable supplies and strengthening system resilience, improve the adaptability of the electricity grid to short-term risks; accelerate the rollout of smart meters; and maximize use of renewable energy sources and energy storage, thereby ensuring a stable power supply, while also reducing carbon emissions and environmental pollution.
■ Talent: Promote the Key Talent Cultivation and Recruitment Program (2021-2024) to implement the main strategies of cultivating domestic digital talent, recruiting key international talent, and enhancing bilingual capability and international perspective to achieve talent-driven industrial growth and make Taiwanese industry more internationally competitive.
■ Manpower: Promote the strategies of strengthening job-matching and developing a high quality workforce; improving talent cultivation and smoothing the transition from academia to industry; and enhancing the workplace environment and making timely adjustments to laws and regulations, in order to supplement manpower, upgrade labor skills in key industries and build workplaces that are labor-saving, safe and friendly.