Editorial – How to keep Taiwan shining
To maintain economic momentum, Taiwan should re-embrace the winning formula of connection and integration with the world, advance the energy transformation and enhance Taiwan’s attractiveness for talent
Taiwan has navigated the challenges of the coronavirus pandemic well so far and been a net beneficiary of the acceleration of digitalisation and the shift to remote working necessitated by the pandemic. As the Overview of the ECCT’s just-released 2022 Position Papers point out, credit is due to the collective efforts of the government and the private sector, but it is also thanks to Taiwan’s unique circumstances, both geographically and economically, which have insulated it from the worst impacts of the pandemic.
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Read the Position Paper Overview, Business Climate and individual papers
Now that the Covid-19 situation is shifting from a global pandemic to an endemic disease, Taiwan can no longer count on these advantages to keep the economy ticking over. The current strategy will need to be adapted to the evolving situation.
When other countries are opening up, continued isolation risks leaving Taiwan behind in the contest for international talent, trade, and investment. Taiwan should therefore prepare for the post-pandemic era in recognition that the foundation of its success to date has been its open society and integration with the world. As Taiwan emerges from the pandemic, it should re-embrace this winning formula.
Border restrictions should be phased out gradually in line with rising Taiwan’s vaccination rate and receding threat level, starting with a pathway in for business-critical positions. Rather than a case-by-case review process, the government should establish clear entry criteria to allow businesses to sustain business operations and talent circulation.
And to maintain economic development momentum specific actions are needed. Following the recommendations in the 2022 Position Papers would help Taiwan to overcome diverse challenges, advance the energy transformation, enhance Taiwan’s attractiveness for talent, encourage investment in innovative technologies and industries of the future and capitalise on the substantial economic opportunities available in the post-pandemic era.
We therefore urge the government to continue to engage in constructive and comprehensive consultations with the ECCT and work together to strengthen Taiwan’s international image and attractiveness and thereby help make Taiwan shine even brighter.