Taiwan is a country known for innovative technology and high levels of productivity across a number of different industries. Amidst the COVID-19 pandemic in Taiwan, there were two industries with an unexpected overall increase in revenues in the first two quarters of 2020. The first was the electronics industry, followed by the semiconductor industry. The fact that these industries were able to actually increase overall revenues during a global pandemic helped to assure potential multinational investors of the resiliency of the country as a whole.
In the past year, Taiwan has made strides in building up an ecosystem to support a number of different startup industries. The government of Taiwan has also created legislative amendments to support the rise of multinational partnerships with other companies around the world to bring in even more business. Taiwan has been a technology hub for approximately the last 40 years, which has led the country to host a number of manufacturing hubs.
With over 85% of the country’s population connected to the Internet, Taiwan is one of the most ‘plugged in’ populations in the world. By having such high connectivity, Taiwan is an attractive market for the growth of multinational companies, especially those focused on technology. Launching new products in a market very attuned to new technology could be a very promising business strategy for a number of different companies. Software companies may also find easier levels of initial success due to the overall technological fluidity of the country.
Taiwan also has a very well educated populace, which again supports the growth and success of startups in the technology industry. Additionally, the workforce is less expensive in Taiwan in comparison to other more competitive markets (such as China). Google, IBM, Microsoft, and Alibaba are all presently exploring the Taiwanese hiring market and are planning on investing heavily in their talented human capital.
The government of Taiwan has proposed a number of different initiatives in order to support the rise and support of entrepreneurship within the country. One such initiative is the Act for the Recruitment and Employment of Foreign Professionals. There are also a number of financial programs enacted to support global startups in addition to the programs developed for previously existing companies. The initiatives are slated to continue in force as the country recovers from COVID-19 slow downs.