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Connect Taiwan, China CONNECT Taiwan A smart guide to shipping This is your quick guide to help you connect with customers and businesses across Taiwan. It’s here to help you understand the local culture, shipping requirements, regulations and key commercial opportunities to expand your business. united problem solversTM Contents CONNECT Taiwan Visit UPS.com Taiwan Overview 03 > Find out the most important facts about the markets to help you assess the potential for your business. Economic Potential 04 > Learn about what sells where and the most popular exports and imports that may be relevant to your sector. Business Culture 08 > Pointers on how to build successful relationships with local businesses and consumers. Tips and Advice 09 > Useful information and directory to help you ship to and from Taiwan. Connecting with UPS 11 > A quick overview of UPS capabilities and experience and how we can help connect your business with customers across Taiwan. 02 Contents Taiwan Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Taiwan Overview CONNECT Taiwan Visit UPS.com Open your new trade Taiwan has a dynamic capitalist economy, largely driven by industrial manufacturing and exports of electronics, machinery and petrochemicals. It is one of the world's top producers of computer technology. It is also one of the Asia's biggest traders and its route to Taiwan. major trading partners include China, Hong Kong, the U.S., Japan and the countries in the European Union. National facts and figures Taiwan Capital Taipei Population 23,464,787 (2016) Land Area 36,197 sq. km Major Urban Centers Taipei 2.666 million; & Population Kaohsiung 2.779 million; Taichung 2.778 million; Tainan 1.886 million [there are 16 officially recognized indigenous groups] Economy Agriculture: 1.8%, Industrial: 36.1%, Services: 62.1% Language Mandarin (official), Taiwanese Hokkien, Hakka dialects One of the largest trading and import Solid manufacturing hub Openness to foreign investments Taiwan is ranked 11th in 'ease of doing markets With a long history of strong manufacturing, Taiwan actively pursues Foreign Direct Investments business' Taiwan is the 19th largest trading market and Taiwan is reinventing itself, focusing on (FDI) from both foreign companies and Taiwan According to the World Bank, Taiwan scored 18th largest import market in the world. The total intellectual property and innovations that are less firms operating overseas. particularly well when it comes to providing import value in 2015 was at US$ 249 billion and capital-intensive. A number of policies and incentives have been electricity, dealing with construction permits has been growing at nearly 10% every year. 7% of the world’s integrated circuits are introduced to support sectors in the areas of: and enforcing contracts. Taiwan has strong R&D manufactured in Taiwan, and Taiwanese have transportation, pesticide manufacturing, real estate capabilities that contribute to innovation in for years excelled in mobile phone, computer development, brokerage, leasing, and trading. business. hardware and electronics engineering. 03 Contents Taiwan Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Economic Potential CONNECT Taiwan Visit UPS.com Unlocking your The Taiwan economy is highly dependent on international trade. Taiwan works to boost its economic growth and diversification through deepening ties with The Association of Southeast Asian Nations (ASEAN). The government is also working to strengthen potential. economic and trade cooperation at the bilateral level, including institutional, professional and academic interaction. Taiwan has bilateral Free Trade Agreements Innovation transformation with: El Salvador, Guatemala, Honduras, In addition to the efforts to boost international trade and Nicaragua, New Zealand, Singapore and investment, the government is making a heavy commitment to transform Taiwan into an innovation-driven market. This is Panama. achieved through: According to The Economist, a revival in global trade is the • Promoting Industrial Innovation; boosting industrial research main reason for Taiwan’s growth. and development; nurturing innovation and entrepreneurship and fostering small and medium-sized enterprises • Exports rose 15% in the first quarter of 2017, the fastest rate in six years • Sustainable Energy and Resource Management; starting energy transitions and the revolution of the electricity • Taiwan’s stock market has also been up by 40% in dollar industry; strengthening water resource management and terms, about the same as those in South Korea flood prevention infrastructure • Taiwan shipped US$ 280.5 billion worth of products Currency New Taiwan Dollar • Creating an excellent business environment; improving the around the globe in 2016. This figure represents about investment environment; adjusting regulations and systems 1.7% of the overall global exports GDP (US$) 524 billion (2016) By introducing a ‘five plus two’ industrial transformation Foreign Investment and low investment risk 47,800 (2016). Taiwan has a slow plan, the government is hoping to move Taiwan away from GDP Per population growth and an expanding traditional contract manufacturing model and move towards Taiwan is a preferred destination for foreign direct Capita (US$) economy. high-value-added and solutions-oriented business models. investment (FDI) as its economy benefits from regional The plan includes amending existing regulations that stand in economic dynamism, a population with high purchasing CPI inflation Rate 1.4% (2016) the way of innovation in the following areas: power and the prominence of high-tech. Total Imports – the Internet of Things (also referred to as Asia Silicon Valley) A relatively stable economic performance has attracted 231 billion (2016) continuous investments and tapping into the Taiwanese (US$) – Biomedical assets. Total Exports – Green Energy 280 billion (2016) According to the Investment Commission of Taiwan, the (US$) – Smart Machinery market has benefited from a 130% increase in FDI flows in China (26.4% of total Taiwanese exports), – Defense 2016, reaching US$ 11 billion. The investment from China Hong Kong (13.7% of total Taiwanese Top trading – New Agriculture has also increased comparatively from prior years. exports), U.S. (12% of total Taiwanese Partners exports), Japan (7% of total Taiwanese – Circular economy exports) 04 Contents Taiwan Overview Economic Potential Business Culture Tips and Advice Connecting with UPS Economic Potential CONNECT Taiwan Visit UPS.com Key Business Electronic, Information and Communication Technologies are the biggest players in the manufacturing sector, which employs 26% of the national workforce. The government has approved funding for the development of 10 high-tech industries: Sectors in Taiwan. communications, information, consumer electronics, semiconductors, precision machinery and automation, aerospace, advanced materials, speciality chemicals and pharmaceuticals, medical and healthcare equipment, pollution control and treatment. The High-Tech Center of Excellence Key centers in Taiwan ICT Industry Taiwan has excelled in the semiconductor, optoelectronics, Taiwan is highly specialized in manufacturing and R&D information technology, communications and electronics Hsinchu Science Park for the ICT sector. Taiwan raised its economic growth Taiwan's first science park, fields. At present, the economy is shifting towards committed to creating a outlook to a three-year high as exports improve, nanotechnology, biotechnology, optoelectronics development base for Taiwan's top driven by strong global demand for smartphones and the tourism service industry. high-tech industries. and other high-tech electronic gadgets. Taiwan is determined to capitalize on the next Advanced Technology Central Taiwan Science Park generation of mobile communication technology. Hosting domestic and overseas Taiwan has consistently been a stronghold of global firms, it promotes sustainable It has ambitious plans for 5G, a new mobile semiconductor manufacturing. According to the Industrial development and preservation of communication technology with faster speeds, Technology Research Institute's Industrial Economics and local landscapes and culture. greater capacity and lower latency. Telecom industry Knowledge Center, Taiwan’s semiconductor production watchers expect the official 5G standard to be grew over 7.2% to US$ 77 billion in 2016 (23% of the announced in 2018, with full commercialization likely total global market and about 13% of Taiwan’s GDP). Tainan City, to follow in 2019 or 2020. Promoting 6 emerging industries It accounted for 28% of exports in 2016. including biotechnology, green Semiconductor firms are continuing to expand energy, fashion, tourism and Medical Devices and upgrade advanced processing technologies medical, quality agriculture, and culture and creativity. Taiwan holds a competitive advantage in sectors and operations to maintain its competitiveness. These TainanScience Park of Taiwan servicing manufacturing of medical devices. These huge projects boost the demand for manufacturing is located in Xinshi, Shanhua and include electronics, ICT, precision machinery and equipment and materials. Anding Districts of Tainan City. fasteners. Therefore, Taiwan is able to develop and Taiwan ranks as the leading location for foundry services, manufacture high quality medical devices with costs IC packaging and testing services in the world. This is the far lower than that of the U.S. and Europe.
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