Local industry conference focuses on rebooting economy amid Euro crisis
By Ann Yu, The China PostThe China Post--Chinese National Federation of Industries (CNFI) held a conference yesterday that focused on rebooting industrial economic growth in the face of the eurozone debt crisis and international economic woes. The conference is held annually for local industrial leaders to construct strategies with government officials to enhance Taiwan's economic performance.
July 10, 2012, 12:41 am TWN
The CNFI, established in 1948, serves as a forum for views and opinions of the country's industrial sector that aims at upgrading and promoting the economic development of Taiwan.
Taiwan's export-oriented economy, which relies heavily on foreign markets, cannot exempt itself from the global financial crisis blow, CNFI Chairman Hsu Sheng-hsiung (許勝雄) said. Taiwn's main exports partners are mainland China & Hong Kong (42 percent), the United States (12 percent), Europe (11 percent) and ASEAN countries (15 percent). Vice Premier Jiang Yi-huah (江宜樺) emphasized the importance of building a relationship with trade partners such as mainland China, Singapore and the Philippines in developing a regional economy.
Hsu said that tough challenges lie ahead for the government as Taiwan reforms the economy amid difficult situations, mentioning the eurozone crisis, and U.S. unemployment rate. In the face of hardship, Jiang encouraged policymakers, reminding them how Taiwan endured the past oil crisis and the 2008 financial crisis. He said, “This time will be no different.”
Jiang mentioned the economic measures that government officials are conducting to battle the crisis, such as stabilizing markets, encouraging export businesses, creating job opportunities, attracting overseas investment and enhancing consuming rates.
Jiang also called attention to the problems with professional training in education, in which industries felt freshly graduated workers did not reach expectations in professional areas. Even though gaps between school theory and practice is inevitable, it will damage Taiwan's industrial development in the long run if we do not start closing the gap, Jiang added. The Ministry of Education also mentioned creating a budget for Taiwanese students to study overseas to enhance their competitiveness.
Considering Taiwan's labor shortage, Hsu said that since the nation's economic development growth does not focus on labor, cheap immigrant labor becomes an important issue among policymakers. He concluded that what Taiwan needs is a long-term plan for labor resources. Jiang said the government would also begin concentrating on the aspects of foreign workers within Taiwan's society, and implementing policies that suit the working environment.