ECCT urges Taiwan to improve regulatory system

The European Chamber of Commerce Taiwan (ECCT) on Thursday called for improvements to the country’s regulatory system to spur a revival of the domestic economy.

To that end, Taiwan should gear up for energy transformation, speed up the pace of international harmonization, try to attract more talented people and address its labor shortages, the ECCT said in its 2017 position paper.

It said Taiwan needs to speed up its major infrastructure projects and the approval process for drugs and medical devices.

A total of 143 issues were raised in the annual papers, including 87 unresolved matters from previous years and 57 new issues.

In particular, ECCT Chairman Bernd Barkey stressed that investing in the right infrastructure projects can speed up economic growth.

Many infrastructure projects in Taiwan, however, take too long to complete, Barkey said, citing as examples the long delayed airport MRT system and the runway renewal project at Taiwan Taoyuan International Airport.

On Taiwan’s efforts to promote renewable energy, he said liberalizing the electricity market is a crucial step in the industry’s accelerated development.

Source: Focus Taiwan News Channel

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