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Industrial Development of Taiwan: Past Achievement and Future Challenges Beyond 2020 young adult the financial incentives for conductingTaiwan was once a successful model of a country that had transformed itself from an underdeveloped economy to a high tech industrialized island and undergone a revolution from an authoritarian regime to a democratic one. However, it is now experiencing a significant economic slowdown and facing multifaceted challenges such as low productivity, stagnant innovation culture, aging population, sustainable energy mix, pension reform, upgrading of human