Taipei, Nov. 5 (CNA) The European Chamber of Commerce Taipei (ECCT) released its annual position paper Monday together with 10 recommendations to remedy Taiwan's economic difficulties, including normalizing cross-Taiwan Strait economic relations and deregulating the financial services sector, which it offered to Taiwan's future government leader to be elected next March.
"This year's position paper provides a road map with 10 suggested remedies that, from the ECCT perspective, deal with the sluggish economy and should lead to renewed prosperity for Taiwan, " said ECCT Chairman Ralf Scheller.
The annual report stated that in the global race for economic prosperity, Taiwan has dropped out of the group of leading economies in the region -- South Korea, Hong Kong and Singapore -- while others like China, India and Vietnam are catching up fast. It also pointed out that Taiwan's competitiveness is falling behind its Asian Tiger rivals in creating a more globalized business environment and in opening the market.
It also claimed that, among rival economies, Taiwan has the lowest GDP (gross domestic production) growth, the lowest GNP (gross net production) per capita; the lowest number of IPO's (initial public offering) , the weakest growth in exports of ICT (information and communication industry) products; the lowest number of inbound tourists, and has the heaviest tax burdens for its companies and citizens. Also the level of consumer confidence is among the lowest in region.
The European Chamber further stated that candidates from the main political parties have until now failed to come up with a clear and comprehensive economic program for the next presidential and legislative terms.
ECCT urged Taiwan government to develop a competitive taxation and tax incentive climate; open the public procurement market and upgrade infrastructure; accelerate the development of services and other related industries; and secure a sufficient supply of skilled labor for high-tech and service industries.
Taiwan government was also encouraged to provide clear direction and leadership in the development of policies for new industries; step up Intellectual Property Rights protection; create a sustainable healthcare environment; and work on carbon emissions and energy efficiency.
ECCT represents over 650 members from 450 European companies and organizations. European business is the largest group of foreign investors in Taiwan with US$18.3 billion in investments.