Taiwan is an advanced, high-tech economy with a strategic location in the Asia Pacific region. It has modern infrastructure and its banking, insurance and securities sectors are being liberalised.
Stable business environment
Taiwan is a stable market economy that showed robust growth in 2020, despite the global impact of COVID-19. The Taiwanese are well-educated, with 45% of people aged 25 to 64 holding a bachelor’s degree or higher.
Hi-tech world leaders
Taiwanese firms are world leaders in high-tech manufacturing sectors such as semiconductors, laptops, servers, and smartphone components. Taiwan is also home to the contract manufacturing giants TSMC and Foxconn. Decades of investment and research has given Taiwan a central position in global technology supply chains.
Future strategic industries
In 2020, Taiwan outlined its ‘Six Core Strategic Industries’: digital technology, cyber security, medical technology and precision health, green and renewable energy, national defence and strategic industries, and strategic stockpile industries. These industries are aligned with the UK’s 2021 ‘Build Back Better’: the UK plan for growth.
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Taiwan GDP Annual Growth Rate
At the same time, exports rose faster (5.67% vs 3.33%), amid strong foreign demand for parts of electronic products and information, communication, and audio-video products. Meanwhile, imports fell further (-2.9% vs -3.6%). For full 2020, the GDP was revised up to 3.11% from an earlier forecast of 2.08%. In 2021, the economy is expected to grow by 4.64%, higher than a prior forecast of 3.83% on a strong rebound in exports.
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