Posted on 19 Feb 2009
The Taiwan Cabinet recently passed a massive investment plan to rejuvenate the economy and expand public works, injecting NT$150.66 billion (US$4.43 billion at US$1:NT$34) this year.
The plan is expected to help boost GDP (gross domestic product) growth by 0.97 of a percentage point and create 190,000 to 200,000 jobs this year. The plan is expected to be approved by the Legislature by the end of March.
Investing in public works projects will help create business opportunities for the construction, cement, steel rebar, electric wire and cable, and support sectors.
Liu noted the mass investment plan is a drastic measure for a nation in economic dire strait.
The massive plan will be carried out from 2009 through 2012 with budgets totaling NT$500 billion (US$14.7 billion).
Chen Tien-chih, chairman of the Cabinet-level Council for Economic Planning and Development, said the 2009 and 2010 budgets are earmarked to enhance the early stages of the economic stimulus.
