Page 9 - 2024 BRAVO! TAIWAN_en

An Innovation Economy, Smart Nation

The manufacturing and high-tech sectors drive Taiwan's economic development. Many of Taiwan's products and
industries, such as motherboards, integrated circuit packaging and testing, semiconductor foundry, functional
fabrics, desktop and notebook computers, and bicycles, rank number 1 worldwide in terms of output value. Faced
with global competition pressures and industrial transformation challenges, the government and private sector
have stepped up the pace of industrial structure adjustments with the aim of overcoming development bottlenecks Business Climate
while also sowing the seeds for the next wave of economic growth.

Transforming Economic Structures via Deregulation and Innovation

Taiwan enjoys many advantages that other countries lack. Besides the vibrancy and resilience of a maritime
economy, it features a high-quality labor force, well-developed industrial chains, nimble and agile small-and-medium-
sized enterprises (SMEs) and a relentless entrepreneurial spirit. In the future, Taiwan will pursue a new economic
model for sustainable development based on the core values of innovation, employment and equitable distribution.

Five Major Reliable Industries, Stable Key Position in Global Supply Chains

Major international semiconductor and AI benchmark companies have come to Taiwan seeking supply chain
cooperation opportunities because of our comprehensive semiconductor and precision machinery industry clusters.
Under the innovative economic development model to ¨bring the world to Taiwan and Taiwan to the world©, Taiwan
is actively strengthening its foreign investment promotion and plans to establish pre-screening and rapid review
mechanisms for major foreign investment cases, providing a more convenient investment environment and allowing
the world to enter Taiwan.
Taiwan is focusing on the development of the "five major reliable industries" based on its semiconductor Silicon Island
foundation, which includes continuing to promote the development of the semiconductor industry and stabilizing its
key position in the global supply chain; promoting next-generation communications-related industries; accelerating
AI industry innovation and industrial AI applications to achieve "AI industrialization" and promote Taiwan as the ¨AI
Island"; and to promote the defense industry and security monitoring industry.
To meet the challenges of smart technology transformation and respond to business opportunities brought by
geopolitics, Taiwan will proactively build a comprehensive ecosystem of five major reliable industries, promote value
chain integration, and leverage its existing manufacturing advantages in the technology industry to provide technology
research and development and application services as well as other cross-domain innovation, drive the development
of various industries, develop key industries to protect the country, and ensure economic innovation and prosperity.

About Taiwan

Land Area: 36,000 km²
Population: 2,357 million
Primary Ethnic Groups: Han Chinese, Aboriginals,
New Immigrants
Languages: Mandarin, Taiwanese Hokkien,
Hakka, Indigenous Languages
Religions/Belief Systems: Buddhism, Taoism, Folk
Beliefs, Christianity, Islam

Capital: Taipei

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