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Asia Today ISSN 1861-4604 Sunday, May 27, 2018

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Taiwan needs friendlier foreign investment policies

Taiwan has outperformed its competitors in the region

Share on Facebook October 24, 2014, Reporter : taiwannews, Reader : 472

Professor Michael Porter Photo: Focustaiwan news

Taipei, Oct. 24 (CNA) Taiwan needs to adopt friendlier policies and regulations to make it cheaper and easier for foreign companies to do business here, American professor Michael Porter, a leading authority on corporate strategy, said Friday in Taipei.

Over the past decade, Taiwan has outperformed its competitors in the region, such as South Korea, but must do more to improve government efficiency and the rule of law to build a sounder business environment, Porter said.

Such efforts could help attract foreign investments in small and medium-sized enterprises (SMEs), thus making Taiwan more open to new ideas, more connected to the world, and therefore more competitive, Porter said during his third visit to the country.

The government should also help to build industry clusters, Porter suggested, citing the example of Massachusetts Life Sciences Center in the United States, where close interactions among research centers, venture capitals and academic institutions have achieved vigorous development in the field of life science. Besides taking a more proactive role in doing business with China,

Taiwan needs to work more closely with regional partners, said Porter, whose expertise on the competitiveness of nations and regions is recognized globally by governments, corporations, non-profits, and other academics.

While exploring the Chinese market is important, integration into the regional economy, into blocs such as the Association of Southeast Asian Nations (ASEAN), is also vital, he said. Porter, a Bishop William Lawrence University Professor at Harvard Business School, is a six-time winner of the McKinsey Award for the best Harvard Business Review article of the year and the developer of of the famous "Five Forces" framework that is used to analyze the level of competition within an industry and business strategy development. (By Lee Hsin-Yin)

 

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