Taiwan to issue purchase vouchers to stimulate economy

Business Materials 18 November 2008 10:18 (UTC +04:00)

Taiwan said Tuesday it will issue purchase vouchers to boost spending and pull the retail sector out of recession, reported dpa.

Premier Liu Chao-shiuan said that the government plans to allocate 82 billion Taiwan dollars (2.48 billion US dollars) to issue purchase vouchers to every citizen.

Each voucher is worth 3,600 Taiwan dollars (109 US dollars) and should be used within one year of its issuance. "We plan to issue it as soon as possible, maybe around the Chinese New Year holidays (February 2009)," he told a news conference.

Issuing the purchase vouchers is expected to raise Taiwan's GDP by 0.64 percentage points, he noted.

Liu said the government is drafting other plans to stimulate the economy, which has been hit by the global financial crisis, and will announce the measures later.

Issuing the purchase vouchers has the backing from President Ma Ying-jeou.

On Tuesday morning, Ma urged foreign companies to have confidence in Taiwan's economy and continue to invest in Taiwan.

He said Taiwan was an ideal place for foreign investment because of its location and the language skills of its people.