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Economy
Taiwan, 1 of the 1st 'tiger economies' of the
Pacific basin. After the extraordinary growth from the 1950s onwards,
Taiwan had become 1 of the leading 20 trading countries
in the world by 1980 and until the mid-1990s grew at an approximate yearly rate
of 8% (much higher than the majority of industrialised nations).
Taiwan's success was built on a strategy of fast industrialisation
combined with low
expenses
and labour costs, which allowed Taiwanese
goods to compete well on world markets. This accomplishment
has been all the more inspiring, considering the island's scarcity
of raw materials (aside from small quantities of coal and marble).
Enormous foreign currency reserves accumulated
over the years have since helped Taiwan to reduce the
effects of instability in the world economy: this was
fully demonstrated by the 1997 Asian financial difficulties
in which Taiwan suffered the least damage of any principal economy
in this part of the region. However, the crisis drew awareness to structural
tribulations in the economy, particularly an immediate requirement for the
modification of the tax and banking systems.
Taiwan's main industries are furniture, metals,
plywood, petrochemicals, shipbuilding, and textiles. Agriculture
and fisheries, though decreasing in relevant terms, are big enough
to allow Taiwan massive self-sufficiency in basic foodstuffs
such as maize, rice, sugar cane and sweet potatoes; fishing is
of comparatively minor importance.
After a concise downturn in 2000/01, the economy
is now growing gradually at around 5% yearly. Unemployment is tractable at 5%, whereas inflation is under 1%. Export volumes are
once again rising, and Taiwan runs a healthy trade excess.
The performance of the Taiwanese economy is extensively influenced
by external political and economic conditions, particularly in
China (PR). In spite of the 2004 re-election
victory of the Sino-Sceptic President Chen, quantities of trade
with the mainland - already over US$50 billion
yearly - have raised
strongly. Bilateral trade between Taiwan
and the mainland increased from $41.01 billion in 2002 to $58
billion in 2003 and is believed to have passed $70 billion in
2004.
Taiwan's other key trading partners are the
USA, Germany, Australia,
Japan and Saudi Arabia
(which supplies the bulk of Taiwan's oil requirements). In January
2002, Taiwan was admitted to the World Trade Organisation.
Commercial Information
The following associations can give advice:
Ministry of Economic
Affairs (ROC)
15 Fu Chou Street, Taipei 100
Telephone: (2) 2321 2200
China External
Trade Development Council (CETRA)
333 Keelung Road, Section
1, Taipei 110
Telephone: (2) 2725 5200
Fax: (2) 2757 6245
E-mail: taitra@taitra.org.tw
Conferences/Conventions
A great selection of convention facilities are available in Taiwan as well as the
vast Taipei World Trade Centre Complex where you can find the Grand
Hyatt Taipei, the Exhibition Hall, the Taipei International Convention
Centre and the International Trade Building.
Hotels offer wide-ranging services and there are some with
seating for 1,000 and over.
For additional details, contact:
Taiwan Convention
Association (TCA)
1 Hsin-Yi Road, Section 5, Taipei 110
Telephone: (2) 2725 5200
Fax: (2) 2723 2590
E-mail: ticc@taitra.org.tw |
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