Taiwan is a strong economy even though this country is small. With the support from its population which is more than 23 million people, some Taiwan economy facts are legit to consider to make some investments. Here are some facts that you have to know before doing business here.
The Taiwan Economy Facts
Leading Semiconductor Production
Taiwan is a small country in the South of the mainland, yet it can dominate the semiconductor market in the world. The country is leading because it can manufacture and cut the edge. It exports to other countries in the world, even to mainland China. A lot of countries depend on Taiwanese production.
Plus, this sector is welcoming for foreign investors. Every year, Taiwan has a surplus in this sector. It is great for a long-term investment. Not only production, but the country also can design the semiconductor that will fit the market’s demand. It becomes the source of the economy for Taiwan itself.
Open to Foreign Investment
Though the country itself has been strong, Taiwan is open to foreign investors. The freedom to create a business here is big and the businessman can start their own without a minimum of capital. According to Taiwan market research, this is the agenda of the government to decrease unemployment.
The GDP of Taiwan is $1.5 trillion and the per capita income is about $62,527. It is a strong number among the four-tiger countries and becomes the reason why this country is reliable when it comes to employment. The unemployment rate is only 3.8%, lower than in other countries in Asia.
The number of exports in Taiwan is high. A lot of investors establish businesses in different sectors, then the output is exported to other countries in ASEAN, East Asia, and Germany. The exports are in different categories such as electronics, chemicals, rubber, plastic, and basic metals.
The great export from Taiwan is the reason why the country is rich. The quality of every product is high and not imitating design. Based on Taiwan market research, other countries rely on Taiwanese production. Hence, Taiwan is continuously pushing production for export reasons. The demand in any industry is rising over time.
The US’s main partner
Its greatest partner in Taiwan is the US. The country relies a lot on Taiwan’s production such as science, technology, education system, and screening technology. Thus, the trade relationship is always strong every year. However, this is another reason the relationship with China is quite intense.
According to those Taiwan economy facts, the country will be going strong among other Asian countries. They are great in the production of high-quality stuff, supported by the US, and their export number is great. It makes the country have a small unemployment, plus the investment environment is excellent.