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:
o 11th most competitive economy,
o 6th freest economy and,
o 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:
1. Taiwan’s Smart Healthcare Industry will reach EUR29.9 billion market value by 2025. Taiwanese healthcare industry is open to innovative Smart Health solutions, particularly in elderly care (population is forecasted to become super-aged society by 2025), AI assisted image analytics, telehealth and 5G
2. Cybersecurity industry: According to the Ministry of Economic Affairs, the output value of the information security industry in Taiwan increased to EUR 1.6 billion in 2020, and will reach EUR 1.8 billion in 2021. The combined annual growth of the market is projected to reach 21% by 2023. In 2022, Taiwan will set up a new Ministry called the Ministry of Digital Development to accelerate Taiwan´s digital transformation, promote digital economy and improve information and communications security
3. Circular Economy: Taiwan has adopted the development of a circular economy as an important policy objective and there are several incentives for companies investing in Taiwan’s circular economy sectors. For example,
solutions and consultation on carbon neutral municipalities offer many new business opportunities.
4. Green and renewable energy: Taiwan is upgrading its decades old power grid to be more susceptible to handling power peak fluctuations with the use of renewable energy sources. This background and supportive energy policies create possibilities for companies specialized in sustainable energy solutions
5. Maritime: Taiwan is currently studying new arctic shipping routes and research vessels. This will create new maritime opportunities for Finnish companies
6. Education: Finnish pedagogical methods and curriculums are well known and highly appreciated in Taiwan’s education industry and provide potential for Finnish companies.
7. Smart Cities: Currently all major cities in Taiwan such as Taipei, Taichung, Kaohsiung, and others are looking for smart solutions for improving life in cities.
All of the above sectors are highly supported by governmental organizations, and Business Finland is able to help you to find the right contacts for your business to succeed in Taiwan. Do not hesitate to ask advice. Contact Business Finland in Taipei for further information on the above - and other - business opportunities in Taiwan.
Jere Tala, Senior Advisor, Team Finland, firstname.lastname@example.org
Cheng Hung-yi, Junior Advisor, email@example.com
Mikko Karppinen, Representative, Senior Advisor, firstname.lastname@example.org