Taiwan moves to improve business environment

Taiwan will leave no stone unturned to strengthen its business environment, in a move to increase the nation’s global competitiveness and visibility, according to the Council for Economic Planning and Development Feb. 19.

“The council will keep working with relevant agencies for reform guidelines that will help put Taiwan on the top 10 list of the World Bank’s ‘Doing Business’ report by 2016,” CEPD Deputy Minister Wu Ming-ji said.

According to Wu, the CEPD began implementing a four-year plan to enhance Taiwan’s business climate in October 2008, using as its guidelines the 10 benchmarks the World Bank report uses to evaluate the ease of doing business in an economy.

These indicators are dealing with construction permits; enforcing contracts; getting credit; getting electricity; paying taxes; protecting investors; registering property; resolving insolvency; starting a business; and trading across borders.

“Over the past four years, cross-agency efforts have seen Taiwan’s ranking in the annual survey surge to 16th in 2013, up 45 places from 2008,” Wu said.

The CEPD will evaluate the performance of Taiwan’s neighboring countries and propose concrete reform plans modeled after the best global practices cited by the latest report, he noted.

“Several key measures have been identified, including implementing regulatory easing, proposing legal changes, streamlining administrative procedures and strengthening information disclosure mechanisms,” he added.

Wu said all agencies have been directed to propose plans for review at scheduled CEPD meetings before they are submitted to the Cabinet for approval, with their implementation to be regularly monitored by a task force.

Meg Chang