Taiwan is now a high-income economy with a 2022 GDP of $828.66 billion and ranks 21st among all the 192 nations covered by the IMF, which makes it a regional leader – its GDP is expected to cross the $1 trillion mark by 2027.
Shifts in regional supply chains that began as a trade war between the United States and China are being hastened this year by the coronavirus pandemic. Broadly speaking, this will result in slowdown in offshoring to China and a redistribution of manufacturing foreign direct investment (FDI) to the Association of Southeast Asian Nations (ASEAN).
After years of strong growth, the renewable energy sector is set to take a breather – and likely into next year. Immediate demand for energy has collapsed, oil prices have fallen in tandem and capital markets are in turmoil and therefore unlikely to support capital intensive projects.
Taiwan’s advantages as a place to do business are manifold: it’s strategically located within easy reach of China, Japan, South Korea, Hong Kong, Thailand, Vietnam, Cambodia and Malaysia. It has a massive industrial base – Taiwan is the world’s fourth largest electronics producer – with significant research and development (R&D) supported by public spending. It also has a highly educated and skilled workforce.