25th UK-Taiwan Trade Talks British Business Survey Results
Taiwan’s economy has continued to grow steadily in 2022 as it relaxes borders and pandemic restrictions at a sensible pace. Our survey of British businesses operating in Taiwan, conducted in June-July 2022, indicates optimism in the business community. Businesses recognise the dynamism of Taiwan’s economy, with firms across a range of industries planning to expand in the coming years.
With bilateral trade between the UK and Taiwan reaching a record high of £8.34bn in 2021, I am confident and excited about the prospects for British businesses in this market.
A few headline figures from the survey:
- 88% of respondents describe their business outlook for the next three years as “positive” or “very positive”.
- 59% of respondents plan to increase their employment levels in Taiwan over the next twelve months. Three quarters are aiming to increase by up to 40%.
- Respondents found Taiwan’s protection of Intellectual Property, the recognition of professional qualifications, and the availability of skilled workers to be positive aspects of operating in Taiwan.
- The most pressing concerns relate to government bureaucracy and energy supply.
We continue to strengthen economic ties with Taiwan as a part of the UK’s wider enhancement of partnerships in the Indo-Pacific region. The UK is committed to working towards a positive vision of economic, trade and investment growth with global partners.
The responses to this survey are very valuable; giving us insights into the outlook of businesses as well as their particular concerns, which we are then able to draw upon in our annual UK-Taiwan Ministerial level Trade Talks. Where challenges exist, we take every available opportunity to raise these with the relevant authorities and work with them to find solutions.
I would like to thank the British Chamber of Commerce in Taipei for assisting with the survey and for their continued support for UK business in Taiwan. I am excited to see the growth which the Chamber has achieved in 2022, and I look forward to seeing that continue through 2023 and beyond.
Yours,
John Dennis
British Representative