NDC responds to 2023 business climate survey by AmCham Taiwan

2023/02/09

The government will continue to work with the private sector and foreign chambers of commerce in Taiwan to strengthen the country’s business environment, the National Development Council said Feb. 7 in a press release.
 
At the same time, regulatory adjustments will bring Taiwan’s legal framework and practices more in line with global standards, the council added.
 
The NDC’s statement came following the release of the “2023 Business Climate Survey: Confidence, Not Complacency” by the American Chamber of Commerce in Taiwan earlier the same day.
 
Conducted between Nov. 15 and Dec. 16 and involving 214 eligible member companies, the survey said 71 percent are confident of Taiwan’s economic outlook over 2023 and 79 percent are positive about the outlook for the next three years.
 
Despite global economic headwinds, respondents expressed continued commitment to Taiwan, with 88 percent saying they plan to maintain or expand investments. Among the many issues raised in the survey, human capital remains a focus, as evidenced by the 60 percent planning to invest in staff expansion and development.
 
Equally important, 73 percent considered it vital to their business for Taiwan to achieve a bilateral trade agreement with its second largest trading partner, the U.S.
 
The survey also highlighted respondents’ decreased satisfaction with the regulatory environment: 46 percent say Taiwan’s regulations are not updated in response to changing social and economic needs, an increase of 11 percentage points from the previous survey.
 
Citing latest statistics from the Ministry of Economic Affairs, the NDC said approved incoming investment reached US$13.3 billion in 2022, the best in 15 years and third highest on record. This strong number represents a vote of confidence in Taiwan’s economic prospects, it added.
 
The NDC thanked AmCham Taiwan for providing policy suggestions in the survey and its support for the negotiations under the U.S.-Taiwan Initiative on 21st Century Trade. The government will work on areas of concern to create a more investment-friendly regulatory environment, it added.


Source: Taiwan Today (https://taiwantoday.tw/index.php)