Taiwan continues to be a good place to do business, with the majority of U.S. firms operating in the country supporting its participation in bilateral or multilateral trade agreements, according to the latest Business Climate Survey released Feb. 20 by the American Chamber of Commerce in Taipei.
AmCham Taipei Chairman Albert Chang said around 67 percent of the companies taking part in the annual poll reported healthy financial performances in 2016, adding that many continued to expand their workforces and remained bullish about investing in Taiwan over the next five years.
The respondents expressed strong support for heightened economic cooperation between Taiwan and the U.S. “We encourage Taiwan to stay on track in trade talks with the United States through the Trade and Investment Framework Agreement and to look for more opportunities for bilateral negotiations,” Chang said.
With regard to the five core industries targeted for strategic promotion by President Tsai Ing-wen’s administration, biotech and pharmaceuticals, green energy, national defense, smart machinery and the Internet of Things, survey respondents said many of the areas are relevant to their businesses and present opportunities.
AmCham thanked Premier Lin Chuan for taking actions in response to last year’s survey, especially the extension of the public comment period for new regulations from 14 to 60 days, calling it “one of the most encouraging and welcome steps of the past year.”
The great majority of business executives surveyed said Taiwan is a convenient, friendly and safe place to live and work, and described the local workforce as diligent, very trustworthy and extremely well-educated, though there is room for improvement when it comes to creativity, innovation and taking the initiative.
While AmCham applauded recent government measures to enhance transparency and broaden participation in the regulatory process, it called for accelerated reforms in order to enhance Taiwan’s attractiveness to foreign investment and inject greater vitality in the economy.
The survey also identified key areas that are keeping Taiwan from achieving its full potential, with government bureaucracy, cross-strait relations and lack of clarity in labor laws, in that order, being the top three.
Founded in 1957, AmCham Taipei is a nonprofit business organization comprising more than 1,000 members representing more than 500 companies.
Conducted between October and December, the seventh edition of the survey involved 173 AmCham member and serves as reference for the Taiwan government in setting economic policy directions. (SFC-E)
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