PA based companies can access the services of the Taiwan trade office by contacting their Regional Export Network Office - WTC Harrisburg is the regional partner for southcentral PA based firms. Examples of services include:
· Gathering marketing and competitive intelligence
· Providing insight and analysis on market entry strategies
· Identifying overseas partners, distributors and agents
· Providing regulatory information
· Identifying relevant trade events
· Conducting foreign company background checks
· Organizing in-country meetings and logistical assistance
· Assisting with trade leads and more....
Additional PA
trade offices are located in Australia, Canada,
Central and Eastern Europe, China, Germany, India, Mexico, Middle East,
Netherlands, Singapore, South Korea, and the United Kingdom. These
13 offices cover 46 countries and services are available at no cost.
Here is why Taiwan is relevant now to consider in your next business expansion plan:
Taiwan’s continuous economic growth over the past three years has been primarily driven by the island’s world-leading semiconductor manufacturers and their ongoing expansion. Other factors include the considerable investment from companies exiting China due to international trade disputes, China's internal crackdown on technological companies and the vigorous construction of renewable energy facilities in Taiwan. These growth engines have boosted investor confidence in Taiwan; attracting significant foreign investment to create a momentum on which substantial current and future renewable energy efforts are carried forward.
Taiwan is a democracy with a sound legal system, strong Intellectual Property (IP) protection, and a well-educated and skilled workforce. These provide the foundation which has enabled Taiwan to position itself as a regional technology hub, highly attractive to multinational companies seeking business expansion opportunities on the island and in East Asia.
Taiwan is located within 4 in-flight hours from major Asian markets such as China, Japan, Korea, and Singapore. The island can thereby serve as a practical and logistical springboard into China and other markets in the Asia region.
The average voyage time from the South Port of Kaohsiung, the 15th largest in the world, to five major ports including Manila, Singapore, Hong Kong, Shanghai, and Tokyo is approximately 53 hours. It is an important bridge between Europe, United States, Japan and the emerging Asian markets, and a top choice for operation centers of multinational companies in Asia Pacific in addressing their logistics and supply needs.
Taiwan Key Facts:
- Population: 23.57 Mil
- Official Language: Mandarin
- Land area of 36,193 km2
- Major Cities (by population): Taipei (capital), Kaushuing, Taichung and Tainan
- GDP: USD 759.104 billion (2021)
- GDP Per Capita: USD 34,880 (2021)
- 2022 GDP Estimated Growth 4.5%
- A super-aged society by 2026
- Currency: USD 1.00 ≈ NTD 28.00
Taiwan as a Business Hub in Asia:
- Top 5 export destinations: China and Hong Kong, ASEAN, USA, EU, Japan (2021)
- High level technological workforce
- Relatively low operational costs
- Modern and efficient infrastructure
- Leading high-tech and OEM manufacturing
- Legal certainty
Taiwan International Ranking:
- 4th globally and 2nd in Asia in the Investment Environment Risk Assessment Report, 2021
- 8th most competitive economy, 2021
- 16th globally in the World Talent Ranking, 2021
- 6th Freest economy in the Index of Economic Freedom, 2021
- 15th Ease of doing business, 2020
- 5th Largest foreign exchange reserves, 2021
- 21st Ease of starting a business, 2020
- 2nd World’s safest country, 2020
- 30th Renewable Energy Attractiveness, 2021
- 22nd GDP Ranking, 2021
Industrial Clusters:
Taiwan has a comprehensive upstream, midstream, and downstream supply chain supporting their technology based industries and their need for customized components.
It has the highest industrial cluster density in the world. And its successful IT
The industrial clusters have positioned Taiwan globally as:
- 1st in foundry and packaging & testing manufacturing
- 2nd largest producer of IT hardware equipment
- 2nd in IC design industry
- 3rd in PC products
International Investments:
International corporations including Google, Microsoft, ASML, Corning, Micron and Ørsted have increased their investments in Taiwan to intensify collaboration in R&D, advanced manufacturing, and industry collaboration.
