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Last updated : Nov 2009
Taiwan Business
Taiwan Business Overview - TravelPuppy.com
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
Useful travel links
Business Protocol Information on Taiwan Business Protocol
Doing Business Doing business with Taiwan
Taiwan Business Information on Businesses in Taiwan