By Caribbean News Global
TORONTO, Ontario – ‘Taiwan, the 21st largest economy in the world and with its robust economic and trade strength, having emerged as a key player in the global market, currently stands as Canada’s 12th largest trading partner and with over $12 billion in trade in 2022,’ as recent reports indicate, ‘Taiwan moved up one spot to 6th in the latest World Competitiveness Yearbook published June 20 by Switzerland-based International Institute for Management Development, achieving its best ranking in the annual report since 2012.’
“Taiwan is the 10th largest trading partner of the United States in 2022 and plays a crucial role in its economic resilience. Taiwan possesses notable advantages in its high-tech industry and thriving digital economy, and its commitment to zero-carbon emission and anti-corruption,” explains TECO Miami.
The United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF) in May 2022, with Australia, Brunei Darussalam, Fiji India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. The 14 IPEF partners represent 40 percent of global GDP and 28 percent of global goods and services trade, according to the Office of the United States Trade Representative.
“This framework will advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies. Through this initiative, the IPEF partners aim to contribute to cooperation, stability, prosperity, development, and peace within the region.” The White House Fact Sheet on the IPEF is available here.
The Ministry of Economic Affairs, R.O.C reporting on wholesale and food service for May 2023, reports:
“Sales of wholesale trade were NT$945.7 billion in May 2023 and decreased by 12.9 percent compared with the same month in 2022.
“Retail trade sales were NT$376.3 billion in May 2023, and increased by 16.6 percent on a yoy basis.
“Sales of food and beverage services were NT$82.9 billion in May 2023, and increased by 44.0% on a yoy basis.”
“The industrial production index decreased by 15.73 percent in May 2023 compared with the same month in 2022, which included the manufacturing sector decreased by 16.42 percent, electricity and gas supply decreased by 2.03 percent, water supply decreased by 1.95 percent, and mining and quarrying increased by 6.48 percent.”
“Taiwan inflation ticked down to 2.0 percent in May from April’s 2.3 percent. May’s reading marked the lowest inflation rate since July 2021. The decline was broad-based, with reduced price pressures recorded for food, housing, and transportation,” noting that their panelists see inflation “tracking close to 2 percent for the remainder of this year, tamed by past rate hikes and a pull-back in external price pressures.” Meanwhile, the report indicated that “ the economy shrank steeply in quarter-on-quarter and year-on-year terms in Q1, due to the weak performance of the export-oriented industrial sector; in contrast, private consumption grew robustly. Turning to Q2, … GDP returning to growth in sequential and annual terms.”
According to the Taiwan Foreign Direct Investment (FDI) statistics, 938 FDI projects with a total amount of US$4,273,608,000 were approved from January to May 2023. This indicates an increase of 3.19 percent in the number of cases, and a decrease of 0.51 percent in FDI amount compared to the same period in 2022.
“With regard to inward investment from Mainland China, 12 cases were approved with an amount of US$12,753,000 from January to May 2023. This indicates a decrease of 47.83 percent in the number of cases, but an increase of 45.62 percent in the FDI amount compared to the same period of 2022. From July 2009 to May 2023, 1,568 cases were approved with a total investment amount added up to US$2,579,007,000.
“In terms of Taiwan’s outbound investment (excluding Mainland China), 206 projects were registered from January to May 2023 with a total amount of US$8,316,688,000, indicating a decrease of 7.21 percent in the number of cases, but an increase of 196.82 percent in the amount, as compared to the same period of 2022.
“As for Taiwan’s outward investment to Mainland China, 155 applications have been approved from January to “May 2023, indicating a decrease of 0.64 percent compared to the same period of 2022. The approved investment amount is US$1,507,344,000, 4.05 percent more than the same period in 2022.”
Taiwan’s penetration in the Indo-Pacific region, Asia and North America continued this year.
To strive for business opportunities for the upgrading of Thailand’s manufacturing industry, Taiwan’s boutique, Empowering Smart Manufacturing held in Bangkok from June 21 to 24 at the Manufacturing Expo 2023, was tremendous. Also, the “Taiwan Boutique Experience Marketing Pop-up Store” was held at Central World Department Store in Bangkok from June 23 to 25.
In addition, Taiwan Boutique will also participate in July The “Taiwan Image Exhibition in Thailand” and the “Thailand Medical Exhibition” in September hope to open up opportunities and a new future for Taiwan-Thailand cooperation through the launch of innovative products from various industries in Taiwan.
The market size of global smart manufacturing is estimated to reach US$620 billion in 2026.
Moreover, Taiwantrade participate in the 41st Outdoor Retailer 2023, held in Salt Lake City from June 19 to 21, 2023. Twenty-four Taiwanese companies were recruited to exhibit more than 72 products such as sports glasses, functional socks, towels, knee pads, wrist guards, fishing shoes, and functional fabrics “for the important North American brand buyers.”
“The American Outdoor Show is the largest professional outdoor exhibition in North America. After five years, it finally returned to Salt Lake City, Utah, attracting visitors from the United States, Canada, Australia, Brazil, Finland, France, Germany, Taiwan, Singapore, Japan, South Korea, China, More than 700 brands from 24 countries including New Zealand, Vietnam, and Turkey exhibited.”
The Taiwan Pavilion at Collision [Enercare Centre from June 27 to June 29, in Toronto Canada] will showcase solutions to global challenges including transport, healthcare, energy and waste. All Taiwanese companies are well-positioned to partner with Canadian firms for global expansion. Visitors to the pavilion will see innovations in Telematics, AI, Edge AI, Cloud, Smart Crime Prevention, EV charging, robotics and solar.
Taiwan – US agreement
With the signing of the Taiwan – US first agreement under the 21st-century trade initiative, president Tsai Ing-wen affirmed the signing of this agreement and said that she looks forward to Taiwan and the US building an even closer partnership, which will bring about more opportunities for Taiwan’s economy and industries.
President Tsai stated:
“The initiative is the most comprehensive trade agreement signed between Taiwan and the US since 1979, and aside from creating more opportunities to develop our bilateral trade, it represents a key step in Taiwan’s efforts to sign trade agreements with major trading countries.
“This first agreement lays the groundwork for negotiations on seven different topics: labor, environment, agriculture, digital trade, standards, state-owned enterprises, and non-market policies and practices.”
President Ing-wen further stated that following negotiations, the areas covered in this initiative will be expanded:
“Setting a firm foundation for a future Taiwan-US free trade agreement, that our two sides will continue to strengthen trade ties around this framework.”