TAIWAN HOPES TO ACHIEVE DEVELOPED-COUNTRY STATUS

TAIWAN HOPES TO ACHIEVE DEVELOPED-COUNTRY STATUS

Taiwan hopes to become a developed country by 1993 when its per capita gross national product is expected to hit US$11,055, the island's economic minister Chen Li-an said Tuesday

Per capita GNP was $7,509 in 1989 and is targeted at $8,434 for this year.Mr. Chen told a meeting of teachers on Monday that Taiwan's two-way trade would reach $190 billion by 1993, up from $118.5 billion in 1989 and the $130 billion targeted for 1990.

He said Taiwan's GNP is expected to grow at a real 7 percent each year between 1990 and1993. The island's annual inflation, measured by the Consumer Price Index, is expected to be 3.5 percent and its unemployment rate would be at an annual 2 percent.

To achieve the goal of becoming a developed country, Taiwan would speed up its programs to liberalize and internationalize the island's markets, Mr. Chen said.

The government would also reduce Taiwan's trade surplus, encourage overseas investment, speed up domestic development projects and privatization of state corporations, and improve the local investment climate.

Taiwan's trade surplus is expected to fall to $12 billion in 1990, down

from $13.9 billion in 1989. Its overseas investment could reach $1.2 billion

from a record $931 million.