Logistics hub, industrial location, tech Mecca - the democratic island of Taiwan has enjoyed a meteoric rise to the top of the world rankings. Even today, the country still offers opportunities for export-oriented companies and for the manufacturing industry.
TAITRA, Taiwan's foreign trade organisation, has been cooperating with Bremen since 1988. More than 100 Bremen companies are active in Taiwan, and around 15 companies from the Far East are represented in the Hanseatic city. In conversation with Joe Chou, Director of the TAITRA Taiwan Trade Center in Düsseldorf about chances and opportunities in the Far East.
Mr. Chou - why should companies consider Taiwan for their business and not other countries in Southeast Asia?
Chou: The world economy is gradually shifting from west to east. Taiwan is the ideal springboard for expansion in the region. For example, it is less than three hours' flight time to global centers such as Tokyo, Seoul, Manila, Shanghai, Hong Kong or Singapore.
Trade, logistics and industry find ideal conditions. In 2020, Taiwan is ranked 15th out of all countries in the "Doing Business" ranking, which lists how easy it is to start a business. Besides Switzerland, Germany and the USA, Taiwan is one of the four most innovative countries in the world and has the second highest number of patent applications. In addition, it has a highly integrated supply chain in many industries, especially electrical components and telecommunications equipment, machinery, plastics and many others.
Are there specific sectors that are of particular interest to Taiwanese business in terms of potential collaborations and trade?
Chou: These would include the entire field of communication technology and digital technologies. Also renewable energies, especially wind energy, but also intelligent medical solutions, the digitisation of manufacturing, and start-ups. Taiwan is interested in all of those sectors, and they are keen on international collaboration.