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Taiwan Pledges Easier Investment Rules to Spur Growth to 4.5%

Dec. 27 (Bloomberg) -- Taiwan said it will ease regulations to attract investment as it pledged to boost growth over the next four years from about 1 percent currently.

The Cabinet targets average gross domestic product growth of 4.5 percent from 2013 to 2016 with inflation of no more than 2 percent over the same period, spokeswoman Cheng Li-Wun said at a press conference in Taipei today. It is aiming for an unemployment rate of 3.9 percent in 2016, she said, signaling a reduction from November’s 4.27 percent level.

“We emphasize capital accumulation in growth for next year,” Yiin Chii-Ming, Taiwan’s minister for the Council for Economic Planning and Development, said in Taipei today. “We hope to improve environments for investments” by easing laws and regulations, Yiin said.

Taiwan’s economy grew 0.98 percent last quarter from a year earlier, less than previously estimated, even as a recovery in China boosted the island’s industrial output and exports. The government has sought to improve relations with the mainland, its biggest overseas market, having signed an Economic Cooperation Framework Agreement to strengthen trade and investment ties.

The Cabinet has approved an economic growth target of 3.8 percent for next year, Premier Sean Chen said in a statement on the government’s website today. The unemployment rate target is set at 4.1 percent for 2013, with inflation of no more than 2 percent, according to the statement. The government said on Nov. 23 GDP may expand 3.15 percent next year from 3.09 percent forecast earlier.

To contact the reporters on this story: Sharon Chen in Singapore at schen462@bloomberg.net; Yu-Huay Sun in Taipei at ysun7@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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