Foundation of Taiwan’s Economic Development
In the Global Competitiveness Report released by the World Economic Forum (WEF) in September 2013, it shows Taiwan retaining its position as the 12th most competitive economies among the 148 countries in the world and 4th among Asian economies. Taiwan’s overall scores demonstrate the tenacity of the local business community amidst a slow global recovery. Taiwan also ranked high in the Economy Intelligence Unit (EIU) global innovation index 2009-2013 at 6th place behind Japan, Switzerland, Finland, Germany, and the U.S. It, however, ranked 1stamong the newly industrialized nations.
In the 2014 Bloomberg Global Innovation Ranking, Taiwan placed 10th in the world and 4th in Asia behind South Korea, Japan and Singapore. Based on the United States Patent and Trademark Office (USPTO) statistical report for 2013, Taiwan obtained 11,598 patents, the fifth country with the most number of patent cases lodged with the USPTO for the year. This means Taiwan has the highest patent-to-population ratio in the world.
Taiwan is an active participant at major global Invention fairs. Between 2012 and 2013, Taiwan had received numerous awards in Geneva, Switzerland; Pittsburgh, USA; Nuremberg, Germany; and Seoul, South Korea, winning the most gold medal awards. Taiwan clearly displays its ability in invention, design and innovation in every event it takes part in.
From a high-tech producer to a knowledge-based economy, Taiwan blazes trails in technology innovations. This explains Taiwan’s important role in the global high-tech supply chain. The key factors contributing to Taiwan’s dominance include quality talent, strong capital investment, and great flexibility in responding to rapidly changing business environment.
Last year’s output in Taiwan’s foundry and IC packaging and testing sectors ranked No. 1 in the world while production of large-size TFT-LCD ranked 2nd, grabbing 32% of the global market share. Electronics account for more than 28% of the nation’s total exports. Top-notched talent, well-planned production advanced infrastructure, exceptional knowledge management and abundant supply of low-cost capital all favor Taiwan’s high-tech industry.