Economic Overview & Business Opportunities
Historically known as Formosa, Taiwan is an island in East Asia located some 180 kilometres off the southeastern coast of mainland China across the Taiwan Strait. Home to a population of 23.4 million, Taiwan’s economy was initially dominated by agriculture.
Taiwan began its economy transformation in the 1980s by exporting its low-technology manufacturing, especially to China. For many years, Taiwan has been one of the ‘Asian Tigers’ with a strong and booming manufacturing industry. Today, there is an increasing focus on software and creative industries. As of now, Taiwan has become a major hub and logistics operations centre for R&D, manufacturing, and operations in the Asia-Pacific region due to the government policies that are poised to attract new investment as well as to develop the world-class industrial infrastructure.
Located in the heart of the Asia-Pacific region, Taiwan has the strategic position at the centre of the route between China, Japan, Korea, and the South-east Asian countries. Its global logistics capabilities that consist of well-trained human resources and attractive government incentives have prompted many enterprises to set up their regional headquarters in Taiwan. Furthermore, Taiwan is one of the global supply bases for high-tech products, and that has made the country to have the highest industrial cluster density in the world. In addition, Taiwan offers a low-taxation investment climate and substantial R&D incentives that have attracted many foreign investors.
Taiwan is a diverse and open country that welcomes foreign investment. The country is an excellent manufacturing hub and a Launchpad for business to enter the China’s market. In other words, Taiwan is the perfect stepping-stone for those who want to do business with China. It has similarities in market and culture with China, and it is a great place to test new products before heading across the Taiwan Strait into China.
Briefly, Taiwan is a modern first-world country with excellent infrastructure and a good quality of life. If you are planning to traipse into China’s market or to expand into the Asian markets, Taiwan is a not-to-be-missed option that could offer more than you expect.
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Ching-Hui Kuo (Bill)
Li-Chun Kuo (Angela)