Taiwan should speed up the pace of restructuring its old economy sector to alleviate impact after the imminent signing of the economic cooperation framework agreement (ECFA) with China, an economist said Monday. Chu Yun-peng, an economist with National Central University, said the government should make upgrading the island's traditional industries its top priority when mapping out strategies for economic development after the ECFA takes effect. Chu, a former minister without portfolio in the administration of President Ma Ying-jeou, said it is very positive that the 'early harvest' list under the trade pact makes old economy industries such as textiles, rubber and plastic products subject to tariff waivers for the mainland market. He said Taiwan should seize the opportunity to reshape its old economy sector and change its habit of concentrating its financial resources on the high-tech sector. Chu's comments came after Ma said Sunday that the government would announce new strategies for Taiwan's economic future on July 1 in a follow-up to signing the ECFA. Taiwan and China are scheduled to sign the trade pact on June 29. Chu said the transformation of the local old economy sector is expected to help Taiwan take on challenges from South Korea, which is boosting its business ties with China and the Association of Southeast Asian Nations (ASEAN). Apart from the restructuring of the country's old economy sector, Chu suggested Taiwan try to introduce foreign funds, saying foreign firms will be eager to use Taiwan as a springboard to the mainland market after the ECFA is signed. According to a government estimate, the ECFA is expected to attract about US$8.9 billion in foreign direct investment. Chu said Taiwan also has to build its own brands to polish its global image and enhance its international visibility as the country competes with Japan and the United States. Late last year, the government announced it would spend NT$95 billion (US$3 billion) over the next 10 years to reshape its old economy sector, helping the sector upgrade production technology, intensify efforts in on-the-job training of blue collar workers and grant subsidies to workers affected by the ECFA. 