Taipei, Nov. 2 (CNA) President Chen Shui-bian said Friday he remains optimistic about Taiwan's economic prospects, despite the lingering downturn.
Addressing a ceremony honoring manufacturing companies with innovative technology and managerial expertise, Chen said the Taiwan economy is facing critical challenges, with the unemployment rate standing at an all-time high and exports declining. "This is the first time since 1975 that the island's unemployment rate is higher than its economic growth rate," Chen said.
Noting that a crisis often offers new opportunities, Chen said he remains confident of Taiwan's development potential. "With a unity of purpose, we'll be able to overcome our current difficulties," Chen said, adding that innovation and vision hold the key to Taiwan's future economic well-being.
In this era of knowledge-based economy, Chen said, Taiwan can no longer rely on cheap land and labor to reduce production cost. "Only innovation can keep us competitive in the world market," he added.
As Taiwan will soon be admitted to the World Trade Organization (WTO), Chen said, the domestic trade regime would become more open and transparent. "The WTO accession would also offer us more international trade and investment opportunities to help nurture more new industries in Taiwan," Chen said optimistically.