Momentum in Taiwan to build itself into a world-leading hub for technology research and development “is weak or even come to halt in some cases,” the American Chamber of Commerce in Taiwan said in an annual report on Wednesday.
“Our members feel that the momentum goes into Taiwan and a world-leading technological and medical research and development, industrial innovation, and digital transformation, it is waning or has even come to a halt in some cases, ”AmCham said in a statement. “Now is not the time for Taiwan to rest on its laurels, our committees argue, especially as the island finds itself in a ‘golden moment’ of international attention, support, and goodwill.”
The group called government officials “to step up efforts to raise Taiwan’s international competitiveness. It also needs to accelerate integration with close economic partners ”such as the United States. “The Common Position Papers in this Report,” the report said.
Taiwan is home to many of the world’s leading technology companies, especially in the semiconductor field. That group includes chipmaker Taiwan Semiconductor Manufacturing, a supplier to Intel. Its suppliers to Apple include Hon Hai Precision, led by billionaire Terry Gou, Pegatron, Lite-On Technology, Inventec, Catcher Technology, Largan Precision and Compeq Manufacturing
The AmCham report noted “numerous changes” in the economic environment in the past 12 months, including Taiwan’s inoculation of over 80% of its population and economic growth in 2021 of 6.28% – the highest in 11 years. Taiwan’s 2022 economic growth has been depressed by less than four percent, it noted.
AmCham criticized “too much policymaking” that “involves creating industry regulations and standards that are unique to Taiwan and often more restrictive than those of international counterparts. This tendency makes it harder for Taiwan to become more globally connected and reduces its attractiveness to foreign investors, as well as multinationals that would otherwise seek to enter the Taiwan market or expand operations here, ”it said.
“Other regulatory barriers are more industry-specific. For example, pharmaceutical and medical device manufacturers have for many years criticized the approval of new, innovative products, as well as the low reimbursement prices generally offered, ”AmCham noted. “As a result, parent companies are often discouraged from emphasizing the Taiwan market.”
“It is a critical fact that Taiwan continues to be vulnerable to trade and investment, or at least shows its willingness to engage in negotiating that inevitably involves sensitive sectors,” he said.
Worries about Taiwan’s energy and labor supply were also noted. “Taiwan benefits from well-educated, highly motivated, and hard-working talent, many who have received education and training abroad. This talent base is one of the island’s most valuable economic assets, yet Taiwan suffers from shortages of talent in certain key industries, as he says.
“While our members are continuously laud Taiwan’s workforce for its trustworthiness, business ethics, and dedication, they often lack the international mindset and lagging skills among local employees. One way to improve this situation, “it said, would be to vastly expand Taiwan’s efforts to attract foreign talent.”
Click here for a link to the White Paper
See related posts:
Australian, India, Singapore Help Fuel Executive Search In Asia-Pacific As Covid Impact Wanes
Lenovo Adds HTC Chairwoman Cher Wang To Board Of Directors
UAE Ranks No. 1 For Migrating Millionaires; US “Fading Fast,” China Falls