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Taiwan's Turning Tide BUSINESS SWEDEN TAIWAN’S TURNING TIDE EXPLORING THE NEXT HORIZON FOR ASIA’S HIDDEN MANUFACTURING POWERHOUSE TAIWAN’S TURNINGFORTSÄTT TIDE SURFA EXPLORING THE NEXT HORIZON FOR ASIA’S PÅHIDDEN TILLVÄXTVÅGEN MANUFACTURING POWERHOUSE MARKNADSINSIKT APRIL 2017 Layout/grafik:Layout/Graphics Business Sweden Communications Foto:Business Sid Sweden 1, www.istockphoto.com. Marcom & Digitalisation Sid 3, Anders Thessing, www.thessing.se Tryck:Photos Åtta45, 2017 Page 1, 5, 8, iStock by Getty Images 2 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE EXECUTIVE SUMMARY Taiwan’s manufacturing competence and footprint is often underesti- mated. This island off the coast of China is where some of the world’s most high-tech goods are produced, and it is home to global OEMs and ODMs headquartered here. Taiwan is also a very important investor in both China and Southeast Asia. Given new realities on the ground in the APAC region – from trade barriers to shifting labour costs, digitalisation and increased demands on sustainability – Swedish suppliers have a new role to play in helping Tai- wanese manufacturers manage change. Sweden has more global manufacturing companies per capita than any other country in the world. These Swedish companies, and the sub-sup- VLAD MÅNSSON pliers that enabled them to thrive, are experts at providing innovative and Market Manager, Taiwan high-tech equipment, solutions and services where productivity and sus- tainability go hand in hand. The purpose of this report is to reflect on the impact of recent trade war developments on the APAC supply chain in relation to Taiwan’s man- ufacturing base in Asia. In addition, Business Sweden provides strategic recommendations for how Swedish companies can match their offering to the fast-changing needs of Taiwanese manufacturers. The report provides analysis and insights into the following topics: 1. Taiwan’s key manufacturing sectors 2. Overview of Taiwan’s FDI and manufacturing output in China, South East Asia and India 3. The impact of trade wars and the Southbound Policy 4. Purchasing needs and trends among Taiwanese manufacturers in key sectors 5. Opportunities for Swedish companies and recommendations for approaching Taiwanese companies in Asia 2 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE TAIWAN’S TURNING TIDE | 3 TAIWAN: A HIDDEN POWERHOUSE IN ASIA’S SUPPLY CHAIN Made in Taiwan was once among the most Wistron, Lite-On, Qisda, Quanta Computer familiar product tags in the world. From the and Siliconware Precision Industries, as well as 1960s and onwards, this label would come to the laptop computer brands Acer and Asus. represent the island’s robust manufacturing Taiwan is ahead of other markets in terms of capacity and, by 1990, Taiwan had cemented state-of-the-art semiconductor technology. The its position as one of the four Asian Tiger IC foundry manufacturing sector accounts for economies. While other fast-growing Asian almost 70% of the global market share which economies went on to attract global attention, underpins Taiwan’s strong position in the semi- Taiwan has remained an influential player and conductor market. TSMC – the global leader in now has a GDP per capita that is among the top IC foundry – has more than 50% of global mar- 30 in the world. ket share and is an important manufacturing That said, despite an accelerating tech sec- partner for global brands such as Apple, AMD, tor, many of Taiwan’s recent achievements have Nvidia, Qualcomm and Huawei.2 In 2019, the been hidden from view with much progress tak- company invested USD 1 billion to build the ing place behind the scenes – particularly in world’s first 5 nm semiconductor factory in the manufacturing arena. For example, only Taiwan. a minority of people are aware that Taiwan is For PCs and other laptops, Taiwanese OEM home to more suppliers of components for the and OMD manufacturers have strong part- Apple iPhone than any other market or country. nerships with global ICT brands such as Dell, When it comes to the ICT scene, Taiwan HP, Intel and Microsoft. But that’s not all. offers integrated supply chains and signifi- Tech giants including Facebook, Amazon and cant manufacturing capabilities for hardware. Google all source from Taiwanese suppliers for According to Thomson Reuters,1 13 of the top servers, power systems, industrial PCs for data 100 Global Technology Leaders are Taiwanese centres and smart warehouses. companies, which is the second highest ranking Moreover, Microsoft, AWS and Google have after the United States. announced plans to invest in AI and large- scale data centres in Taiwan, as a way of lev- SEMICONDUCTORS: THE BEDROCK eraging the benefits of Taiwan’s highly skilled OF TAIWAN’S ICT SCENE talent base and integrated value chain in ICT The semiconductor industry is the foundation manufacturing. of Taiwan’s ICT value chain where IC (Integrated Circuit) foundries require intensive capital investment. No fewer than 11 of the 13 companies featured in the Thomson Reuters ranking are in the semiconductor business including ASE, Nanya, TSMC, UMC, Powertech and the OEMs/OMDs Pegatron, 4 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE CASE STUDY TAIWAN A KEY SUPPLIER FOR APPLE’S IPHONE According to Apple’s list of the top 200 suppliers of 2019,3 Taiwanese manufacturers account for 46 of those companies. This is the highest share of all supplying countries surpassing China (41) and USA and Japan (38). Thanks to a broad spectrum of suppliers covering OEM manu­ facturing, semiconductors and other key components, Taiwan is closely tied to the Apple supply chain. TAIWAN’S KEY SUPPLIERS FOR IPHONE, 2019 OEM Foxconn, Pegatron,Quanta, MANUFACTURING Wistron, Compal, Inventec SEMICONDUCTOR TSMC, ASE CAMERA Largon Optronics, GSEO Catcher, TPK, Yageo, Delta, COMPONENT Merry, Foxlink 4 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE TAIWAN’S TURNING TIDE | 5 A DIVERSE LANDSCAPE: Bicycles is yet another interesting segment. FROM FUNCTIONAL Accounting for over 50% of medium- and TEXTILES AND BICYCLES high-end bicycle manufacturing globally, Giant Manufactur- TO AUTOMOTIVE PARTS it is no coincidence that Taiwan is known ing, the famous as “the bicycle kingdom”. Millions of bikes bicycle brand, invested USD 17 Taiwan’s high-tech manufacturing capabilities are built every year either in Taiwan or in million in Taiwan cover a diverse landscape and functional textiles Taiwanese- owned factories such as Giant to build a new is a good example. In this field, Taiwan has and Merida. auto mated produc tion line in captured no less than 70% of the fast-expanding Automotive parts is undoubtedly an Taichung, Taiwan. global market which, in turn, accounts for 10% important sector for Taiwanese players. Here, of the total textiles market. globally competitive SMEs export parts to Although Taiwan did not have a team com- the big car manufacturers worldwide, offer- peting in the 2018 FIFA World Cup in Russia ing a broad portfolio and high flexibility in it was widely represented on the playing fields. their sales approach. Taiwan is also well- The uniforms worn by the athletes from the vast positioned in the global shift toward electric majority of the 32 participating nations were vehicles thanks to its robust ICT manufactur- made by Taiwanese companies, most notably ing capability. Some 20 Taiwanese companies for prominent international brands such as Nike are key suppliers of components for the Tesla and Adidas. Roadster model. Taiwan has also been a major supplier of fab- Taiwan’s competitiveness and importance rics made from recycled materials, mainly PET on the world stage is only expected to grow. bottles. About 50% of these materials are now By forging strong relationships with many recycled. This share is expected to increase to of the world’s most innovative and valuable 60–70% in the next few years as increased envi- brands, Taiwanese companies have staked ronmental awareness continues to drive interna- their claim as frontrunners in the field of tional demand. high-tech manufacturing. 6 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE CASE STUDY HELPING TESLA BREAK GROUND IN E-MOBILITY In the days when Tesla was virtually unknown in the automotive industry, the company was struggling to break into the tightly knit automotive supply chain. Tesla then sent a team of engi­ neers to Taiwan to look for parts and components for its first commercial vehicle – the Tesla Roadster. As Azizi Tucker, CTO of XING Mobility and a former Tesla employee responsible for supply and development in Asia, has pointed out,4 Taiwanese auto parts suppliers are mainly small and medium sized family­owned companies. This facili­ tates a highly flexible supply chain. While China, Thailand and Japan all pride themselves on advanced automotive sectors, Taiwanese suppliers offer important advantages when it comes to engineering development, prototyping and production. Taiwanese companies are also well­positioned as key suppli­ ers for both electric and smart vehicles of the future. Again, this is due to Taiwan’s large and flexible auto parts supply chain and strengths in electronics manufacturing. TAIWAN’S KEY SUPPLIERS FOR TESLA Power System Mechanical Motor parts Screw & Touch Fastener Panel Electronic Gear & parts Shaft 6 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE TAIWAN’S TURNING TIDE | 7 8 | BUSINESS SWEDEN | TAIWAN’S TURNING TIDE GROWING THE FOOTPRINT IN ASIA TAIWAN IS AN IMPORTANT STRONG PRESENCE REGIONAL FDI INVESTOR THROUGHOUT ASIA Asia is the most popular investment destination As a way of expanding to global markets and ECLAT is the for Taiwanese companies. Since 1952, there have lowering manufacturing costs, Taiwanese market leader in been approximately 50,000 investment cases and manufacturers have proactively penetrated most functional fabrics USD 238 billion of accumulated FDI flowing of Asia’s manufacturing sectors. Electronic parts with 1,800 employees in from Taiwan to other Asian countries. In terms and components, computers, optical products Taiwan and 16,200 of total investment volume, Taiwan’s FDI in and textiles are typical areas attracting FDI people overseas.
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