Premier Lai Ching-te on Friday discussed ongoing deregulation and plans to attract foreign businesses and talent to Taiwan at the 10th in a series of interministerial meetings aimed at accelerating investment in Taiwan.

The premier characterized Taiwan as a small but successful country that must become more proactive and flexible in order to remain competitive internationally. To do this, the many outdated laws, regulations and interpretations implemented over the past few decades must be relaxed to allow Taiwan to reap even greater rewards in the international sphere.

To retain excellent talent and deepen a culture of good corporate governance among local firms, the Financial Supervisory Commission (FSC) was instructed by the premier to move quickly forward with revising the Securities and Exchange Act. In particular, amendments to extend the amount of time that companies can hold treasury shares for later distribution to employees should be drafted and sent to the Legislative Yuan for review and debate as quickly as possible. A new blueprint for corporate governance should also be promoted. To encourage domestic and international firms to list on Taiwan’s stock exchanges, the FSC should take the initiative to organize relevant ministries and agencies to develop feasible measures that will increase momentum in the financial markets.

Financial markets play an important role in supporting industrial development, said Premier Lai, as well as serve as a window onto the broader economy. Healthy financial markets are a win for corporations, the government and investors alike.

With respect to a plan by the Ministry of Economic Affairs (MOEA) to establish a stand-alone unit to promote investment in Taiwan by courting international firms and recruiting global talent, Premier Lai urged quick action, saying that this office would be a core component of such efforts. On the domestic front, in consideration of the nation’s overall development and industrial policies, accompanying strategies to draw foreign companies to Taiwan and retain professional talent should be developed. On the international front, a network among foreign chambers of commerce, domestic industry groups, overseas representative offices, central agencies and local governments should be built to improve overall efficiency. The premier instructed the MOEA to come up with a ready-to-go schedule and concrete mechanisms for operations within two weeks.