Team Finland Country Outlook: Why Taiwan?
Taiwan is an ideal market in many ways for Finnish companies planning to enter and expand in Asia.
-With population of 24 million people, Taiwan’s GDP PPP (Purchasing Power Parity) is in the world top 20, and thus bigger than for example of Sweden or Singapore (IMF 2020).
-Other superlatives for doing business in Taiwan include:
-11th most competitive economy,
-6th freest economy and,
-15th in ease of doing business in the world (2020), to name a few.
While Taiwan is predominantly Mandarin Chinese speaking society, it is worth to note that Taiwan has an official goal to become bilingual by 2030. Already now, English is widely used in business and everyday life and the level of English is fast improving everywhere. Taiwan is a democracy with a sound legal system, strong IP protection, and a well-educated workforce. It is governed by the rule of law that provides a stable, predictable and transparent business environment. Apart from consumer products and services, there are several sectors where new business opportunities are plenty for Finnish companies in the coming years. These are official focus points of Taiwan’s economy. Some of the biggest are: