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Taiwan’s economic surge amid digital revolution


Release time:2024/04/24 18:03
Last update time:2024/04/24 18:03
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Taiwan’s economic surge amid digital revolution (TVBS News) Taiwan’s economic surge amid digital revolution
Taiwan's economic surge amid digital revolution (TVBS News)

TAIPEI (TVBS News) — National Development Council (NDC) Minister Kung Ming-hsin expressed optimism Wednesday (April 24) about Taiwan's economic performance over the next 10 to 20 years, citing the country's robust digital transformation foundation built over the past eight years.

Since 2024, the Taiwan Stock Exchange has successfully broken the 20,000-point mark amid the fervor for artificial intelligence (AI) themes. Kung believes that Taiwan is at the heart of digital transformation and that if Taiwan's development slows, the global digital transformation will also decelerate.

 

Kung noted that if the Hualien earthquake caused significant damage to Taiwan Semiconductor Manufacturing Co. (TSMC), it would have a major impact worldwide.

Reflecting on Taiwan's economic development, Kung said the country cannot rely solely on contract manufacturing and needs to create new growth momentum. As a result, President Tsai Ing-wen has launched a series of industrial policies, initiated energy transformation, and strengthened investment.

Kung said that with the government's policy adjustments and the return of Taiwanese businesses following the outbreak of the U.S.-China trade war, Taiwan's economic growth momentum has begun to revive. Foreign investment in Taiwan has doubled since 2016, breaking the NT$2 trillion mark.
 

Despite geopolitical risks and natural disasters, foreign investment has not fled but continues to increase due to profitable returns in Taiwan, Kung pointed out.

Kung added that the 1999 earthquake caused significant damage to Taiwan, but the country safely weathered the largest earthquake in 25 years on April 3 in Hualien. Manufacturers like TSMC demonstrated resilience, with equipment recovery rates exceeding 70%, indicating the government's and the public's improved response capabilities.

Kung believes that despite initial doubts about the government's promotion of forward-looking and wind power policies, Taiwan's economy is steadily advancing and safely weathering typhoons and earthquakes without significant damage, a testament to the joint efforts of the government and the public.

Taiwan Affairs

Taiwan Business

#Taiwan economy# digital transformation# Taiwan Stock Exchange# artificial intelligence# TSMC# foreign investment Taiwan# Taiwan industrial policy# Taiwan economic growth momentum# Taiwan semiconductor manufacturing impact
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