Taiwan is one of the world’s 25 largest economies and among the 20 largest in terms of trade. Taiwan was ranked as number 14 in global competitiveness in the competitive report for 2014-2015 conducted by World Economies Forum. The analyst company Business Environment Risk Intelligence (BERI) gives out a report containing recommendations of profit opportunities and Taiwan was ranked as the fourth best place to make investments in 2013.
Small and medium-sized enterprises, which represent 98 percent of all enterprises in Taiwan, have been the economy’s main driving force. The high-tech information and the electronic industries are the reasons behind Taiwan’s economic position in the world. The government is now striving to transform Taiwan into a global center for innovation.
Taiwanese companies have invested in China and ASEAN countries in more than 20 years. Today Taiwan is the third largest investor in mainland China, after Thailand and Vietnam. In order to strengthen the integrity of its trade and economy, Taiwan and mainland China have signed an agreement on economic cooperation (ECFA) in 2010. Due to strong economic ties between the countries, Taiwan has an extensive business network in mainland China as well as in other parts of the region.
Swedish companies have had a long and successful presence in Taiwan. Most major Swedish export companies have established their business on the market, and they are generally satisfied with business development potential in the Taiwanese market. The trade between Sweden and Taiwan has developed positively, in 2014 exporting goods from Sweden accounted for 6, 6 billion, an increase with almost 10 percent. Taiwanese imports were practically unchanged, with an amount of almost 6 billion SEK. In relative terms, Taiwan is one of the main suppliers to Sweden from the Asian region. The extent of Swedish export to Taiwan is about the same per capita level as other major markets in East Asia.
Business Sweden has been active in Taiwan since 1991 and the office has today seven employees. Over the years we have built a strong and successful network of local business leaders and decision makers in order to promote Swedish competitiveness on the Taiwanese market.
Taiwanese companies are the main suppliers of computer screens and market leading in the manufacturing of personal computers and smart phones, although the final process of the production has moved outside of Taiwan, usually to China. Some Taiwanese brands are global and well-known, such as Acer, Asus and HTC.
IT and telecommunications is with this information in mind a very important market with great potential for Swedish companies. Other sectors with particularly high potential are the energy industry and the industry focused on environmental systems, but also fashion/retail, medical devices and food.
Business Sweden’s office in Taipei provides a wide range of services, among these there has been particular focus on Business Sweden’s support function, which has been frequently used by new Swedish exporters, who has been able to startup their business through us. Business Sweden assists with the registration of the company, recruitment of staff and also provides office facilities and administrative support.
Contact us and we will tell you more about Taiwan’s export market, and how we at Business Sweden can help with advice, market analysis, contacts and other things that can facilitate a successful establishment.