On February 14th, President of the Republic of China, Tsai Ing-wen, attended a speech at a gathering of business groups and stated that Taiwan’s GDP growth rate for 2024 was 4.3%, ranking first among the Asian Tigers. He promised that the government would support businesses, provide a stable investment environment, and hoped for collective efforts to continue Taiwan’s economic development.
President Tsai, during his speech at the event, congratulated members of the eight major business associations on the Lunar New Year, wishing for prosperous businesses in the new year and further economic success. He thanked the business community and the people of Taiwan for their joint efforts in advancing the economy, leading to a positive performance compared to other countries in 2024.
Tsai highlighted that Taiwan’s economy grew by 4.3% last year, surpassing the average growth rates of the United States, Europe, and even the global average. This progress was evident in various aspects such as the stock market and people’s livelihoods, with many top-tier performance groups from Japan, South Korea, and the US coming to Taiwan, as well as renowned singers holding concerts domestically. This progress reflects Taiwan’s economic advancement and prosperity, a result of the collective efforts of all.
In terms of social investment, Tsai mentioned the government’s continued promotion of the “Caring for Children 0-6 Program,” providing childcare subsidies for parents of children aged 0-6 and enhancing education support for younger children, aiming to support families and early childhood development.
Furthermore, Tsai emphasized the government’s support for higher education affordability, healthcare policies, and efforts to address the challenges posed by an aging society. He stressed the importance of collaboration between families, communities, healthcare, and social welfare institutions to enhance elderly care services through the “Long-term Care 3.0” initiative.
As a physician, Tsai also focused on promoting a “Healthy Taiwan” agenda, aiming for a healthy population and a stronger nation. He established the “Healthy Taiwan Promotion Committee,” with a specific mission to combat cancer. Additionally, acknowledging cancer as a leading cause of death, Tsai created a multi-billion New Cancer Drug Fund to assist economically vulnerable patients in accessing effective treatments not covered by health insurance.
Regarding economic development, Tsai reiterated the government’s commitment to supporting businesses and sustaining economic growth through various strategies. Measures include promoting investment in Taiwan, supporting small and medium enterprises, and addressing issues in land, energy, and talent to foster continuous industrial development.
Tsai emphasized maintaining stable interest and exchange rates to minimize the impact on investments while stabilizing inflation rates and consumer price indexes. Despite global economic challenges, he highlighted Taiwan’s relative price stability, aiming to control the Consumer Price Index (CPI) within a targeted range to provide a conducive environment for businesses and economic growth.
Tsai mentioned the coordination with business leaders to address economic challenges and promote sustainable development, especially for small and medium-sized enterprises. The government introduced policies to assist these businesses in digital transformation, market access, and financial support, aiming to facilitate their growth and resilience.
Looking ahead to 2025, Tsai highlighted the need for finding opportunities amidst challenges to ensure Taiwan’s continued development in various sectors. He emphasized the importance of unity and cooperation among different branches of government to overcome obstacles and serve the interests of society effectively.
In the face of authoritarian alliances and economic pressures from global players, Tsai underlined the significance of upholding Taiwan’s international standing and promoting regional stability. He stressed the importance of collaboration with democratic partners, such as the US, in establishing a democratic semiconductor supply chain to drive economic growth and global prosperity.
After decades of effort, Tsai expressed his appreciation for Taiwan’s international recognition and emphasized the country’s pivotal role in regional and global affairs. Encouraging collective efforts towards strengthening the nation, ensuring regional stability, and promoting global peace, he called for continuous dedication and cooperation for a better future.