Besides, Taiwan shares the same language and culture with the mainland, the world's second largest economy, giving it an advantage that has been increasingly appreciated by international investors.

Jim Rogers, a US investor, said in a speech in Taipei on Oct 9 that he sees a great future for Asia in the 21st century and one of Taiwan's big advantages is that its people speak the Chinese language.

Taiwan authorities have made economic policies their focal point as the island's people struggle with high levels of unemployment and inflation.

Chiang Pin-kun, the former head of the SEF, told the summit that both Taiwan and the mainland have realized robust economic growth in the past, but Taiwan's economy has largely lost steam in the past decade as the Kuomintang and the DPP engaged in endless partisan fighting.

Chiang, who has managed Taiwan's economic affairs for a long time, called on Taiwan authorities to learn from local officials in the mainland, who have been working resolutely to offer all kinds of conveniences and incentives for investors.

Despite Taiwan's recent economic woes, its overall competitiveness is still there. According to the Global Competitiveness Report released by the World Economic Forum in September, Taiwan ranks 13th among 144 economies.

At the summit, participants urged Taiwan authorities to further improve the island's competitiveness and adjust its economy in unfavorable international conditions.