The government is committed to working with the private sector and foreign chambers of commerce to bring the country’s regulations more in line with global standards and strengthen the local business environment, the National Development Council said Jan. 30 in a press release.
The NDC’s statement came following the “Taiwan 2024 Business Climate Survey: Positive Outlook for 2024 and Beyond” issued by the Taipei City-based American Chamber of Commerce in Taiwan earlier the same day.
Conducted between Nov. 20 and Dec. 15 of last year, the survey said 81 percent of the 223 eligible respondents are confident of Taiwan’s economic outlook in 2024, up 10 percentage points from the previous year, while 85 percent are positive about the outlook for the next three years.
Companies expressed continued commitment to Taiwan, with 92 percent saying they plan to maintain or boost investment this year and 55 percent reporting plans to invest in staff expansion and development.
Equally important, 72 percent considered it important to their business for Taiwan to conclude a bilateral trade agreement with its second-largest trading partner, the U.S. The chamber calls on the two parties to accelerate progress on the U.S.-Taiwan Initiative on 21st Century Trade as the precursor to a much-needed free trade agreement.
The survey also highlighted respondents’ hope for a more responsive regulatory environment: 43 percent say Taiwan’s regulations are not updated sufficiently to accommodate changing social and economic needs.
Citing latest statistics from the Ministry of Economic Affairs, the NDC said approved incoming investment reached US$11.2 billion in 2023, the third best in 16 years. This strong number reflects a vote of confidence in Taiwan’s economic prospects, it added.
The NDC thanked AmCham Taiwan for providing policy suggestions in the survey and supporting deeper trade negotiations. The government will work on areas of concern to create a more investment-friendly regulatory environment, it added. (SFC-E)
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