During a meeting with Citigroup Chair John Dugan on the afternoon of November 13, President Tsai Ing-wen stated that although there are many variables in the global economic and financial situations, global surveys still give Taiwan high rankings. Within the next few years, she said, Taiwan will gradually see trillions of NT dollars investment, some NT$100 billion in funds will also be repatriated to Taiwan, and business opportunities in financial services in Taiwan are unlimited, so we welcome further investments from Citigroup to take advantage of those opportunities.
A translation of the president's remarks follows:
I am delighted to meet with Citigroup Chair Dugan today—Welcome to Taiwan. Citigroup has developed and served the domestic market for over half a century, and it is no exaggeration to say that among foreign banks, Citigroup has established a strong brand name in Taiwan.
In addition to providing financial services, Citigroup has also made many contributions through the United Way, environmental conservation, and as a responsible corporate citizen. Citigroup has thus become an integral part of our society, and one of the best examples of a foreign business that has put down roots in Taiwan.
This year, Taiwan's overall economic performance has held steady, with strong exports, rising private consumption, and stable domestic economic growth. In the last three quarters, Taiwan has also had the highest economic growth rate among the Four Asian Tigers.
In the financial system pillar of the 2019 Global Competitiveness Report released by the World Economic Forum, Taiwan has the world's lowest non-performing loans (NPL) ratio, and our insurance premium to gross domestic product (GDP) ratio is the world's highest. We also rank fifth in stock market capitalization to GDP ratio and access to financing for small and medium-sized enterprises.
Although there are many variables in the global economic and financial situations, global surveys still give Taiwan high rankings, which shows that our efforts to promote financial sector liberalization and internationalization, and investment climate optimization are gradually showing results.
Within the next few years, Taiwan will gradually see trillions of NT dollars invested in the semiconductor and offshore wind power industries. Some NT$100 billion in funds will also be repatriated to Taiwan, and domestic firms will be more active in deploying to New Southbound Policy countries. These moves will all require financial sector assistance. At the same time, these developments also show that over the next few years, business opportunities in financial services in Taiwan are unlimited. There will also be many opportunities in wealth management, so we welcome further investments from Citigroup to take advantage of those opportunities.
Taiwan's financial system is sound, but we look forward to working with more international partners to upgrade our financial markets, and participate in financial sector innovation.
In closing, I would like to welcome Chair Dugan once again. I hope you will enjoy your visit.