Forces behind Taiwan’s economic development
Over the past sixty years or so, the different industries in Taiwan have dramatically evolved, from more labor-intensive to more technology- and capital-driven. For its part, the government has promoted the development of strategic industries, which are characterized by high technology, high value-added and low energy consumption.
The machine tool industry plays a crucial role in national development. It has contributed immensely to growth in nearly all sectors of the economy. Production in the industry is concentrated on customized and small-scale machines with high precision that are used in producing various goods, from planes to bicycles, watches and computers. It has promoted the development of other domestic industries, particularly the information and communications technology and consumer electronics sectors.
By continuously boosting its technological level, the Taiwan machine tool industry has been able to provide equipment needed in the manufacture of aerospace parts, bicycles, medical equipment and precision mold, which in turn have helped fuel Taiwan’s continuous economic growth.