Taiwan remains the fourth most competitive economy in Asia, according to an annual regional competitiveness report released March 17 by Research Institute of Boao Forum for Asia.
Of the 37 countries and territories surveyed using five indexes, Taiwan trailed Singapore, Hong Kong and South Korea, pipping Australia to hold its position in the top five.
Taiwan leads the list for human capital and innovation, an accomplishment attributed by the institute to compelling advantages in creative industries and high-tech exports, as well as a leading number of patent applications.
Infrastructure is another area of strong performance for Taiwan, with the country advancing two places to fifth on the strength of major improvements in communications and Internet facilities. It remained eighth and 10th in social development and macroeconomy.
But Taiwan continues to underperform in commercial and administrative efficiency, dropping from 13th to 16th. The institute said these results reflect a need for administrative reforms, enhanced public service efficiency and optimized procedures for starting a company so as to improve the overall business environment.
Eight local firms made the top 300 companies in the report, including Taiwan Semiconductor Manufacturing Co. Ltd. at 36th; Hong Hai Precision Ind. Co. Ltd. at 39th; Ruentex Industries Ltd. at 148th, Formosa Petrochemical Corp. at 196th; and China Steel Corp. at 208th.
The survey forms part of the lead-up to the Boao Forum for Asia held every year in mainland China’s Hainan province since the 2002 inaugural event.
Former ROC Vice President Vincent C. Siew will lead Taiwan’s delegation to the March 26-29 forum in his capacity as honorary chairman of Taipei City-based Cross-Straits Common Market Foundation. (SFC-JSM)
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