Taiwan's Council for Economic Planning and Development (CEPD) has disclosed a plan to establish a pilot free economic zone (FEZ) that is expected to boost the island's economy through economic and trade liberalisation.
The FEZs will utilise capital and technology outside the island to focus on nurturing high value-added industries, such as international medical care and agriculture, according to the CEPD.
It will target the Chinese mainland market and other emerging markets, the CEPD said.
The FEZs will relax tax regulations on the duty-free imports and exports of raw materials, goods and services, and have fewer controls and limits on foreign investment into their areas.
The plan will be carried out in two phases, with the first phase featuring existing free trade ports in northern, central and southern Taiwan, the CEPD said. The details of the second phase have not been revealed.