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Taiwan

Taiwan occupies an important and unique position in the global economy.

Taiwan occupies an important and unique position in the global economy.

Its transition from ‘poor to prosperous’ has been called the ‘Taiwan Miracle’ but its status is complex with China considering Taiwan an inalienable part of China and the source of considerable geopolitical tension accordingly. However, despite this, Taiwan is recognised for its considerable economic progress and the position it plays in Asia and in particular important industry sectors.

Following significant reforms in land and agriculture, US aid and support assisted in turning Taiwan into a manufacturing powerhouse, specialising in high-tech industries from the 1980’s. Taiwan is now home to some of the world’s leading high-tech and semi-conductor companies.

Taiwan has also made continual efforts to welcome foreign engagement and investment with a series of recent government led programs, including the 2016 New Model for Economic Development and in 2020, the National Development Plan (2021-2024). The National Development Council identifies the six core strategic industries as information and digital technology, cybersecurity, medical technology and precision health, green and renewable energy, national defence and strategic industries and strategic stockpile industries.

Taiwan ranks 15th in Ease of Doing Business and is ranked the fourth best destination for investment in the 2021 Business Environment Risk Intelligence report Taiwan is classified by the World Bank as a high-income economy with the 2022 GDP estimated at USD 828 and expected to pass USD 1 trillion by 2027. Per capita GDP for 2022 is projected at USD 35,513, expected to rise to USD 45,820 over the next five years.

Developing business in Taiwan requires building and holding key relationships with senior leaders in business and government. Asian Insiders is here to help you connect, engage, and create impact in Taiwan.

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