President Tsai Ing-wen said Nov. 27 that Taiwan is a major contributor to economic prosperity and stability amidst rapid changes in the global landscape, and the government is committed to making it an even more attractive investment destination to consolidate the country’s world standing.
Tsai made the remarks during the 2023 Taiwan Business Alliance Conference staged by the Ministry of Economic Affairs in Taipei City.
Taiwan’s economy has grown, despite global challenges, Tsai said, citing record high exports of US$479 billion last year. The country’s gross domestic product increased at an average of 3.4 percent per year from 2016 to 2022, which is higher than the global average over the same period, she added.
According to Tsai, the significant GDP outcome is attributable to strong business confidence in Taiwan, as evidenced by the country’s US$79.5 billion foreign direct investment from 2016 to this October; and a US$70 billion investment as of this month from local and overseas Taiwanese firms under the 2019-launched Three Major Programs for Investing in Taiwan.
The president said this confidence was inspired by Taiwan’s strength in driving innovation in areas like 5G, generative AI and high-performance computing. The country produces 90 percent of the world’s advanced chips and attracted multinationals such as ASML and Micron Technology to set up facilities, a testament to its reputation as a reliable and secure partner in the semiconductor supply chain, she added.
The government is working on further upgrading Taiwan’s infrastructure and strengthening its trade ties, Tsai said, citing the first agreement signed under the Taiwan-U.S. Initiative on 21st-Century Trade in June as an example. The country is also continuing its alignment with international standards and development of sustainable economy practices, through green energy initiatives and the Pathway to Net-Zero Emissions in 2050 policy, the president added.
Tsai praised Taiwan’s best ranking yet in the latest Switzerland-based International Institute for Management Development’s World Competitiveness Ranking, at sixth place. The president expressed hope that the conference will be an effective platform for investment in Taiwan over the next 20 years and beyond. (YCH-E)
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