Taiwan tops Asia as knowledge-based economy

2014-12-11

Taiwan was rated first among Asian economies in using knowledge-based industries to drive economic growth, according to the “Innovative Asia: Advancing the Knowledge-based Economy” report released in September by the Asian Development Bank.

Scoring 8.77 out of 10, Taiwan bested Hong Kong, which had a score of 8.52, Japan with 8.28, Singapore with 8.26 and South Korea with 7.97. The country also beat the average 8.25 for all members of the Organization for Economic Cooperation and Development, and was well ahead of the 4.39 average for the Asia-Pacific region.

In the study, 28 Asian economies were evaluated on 12 key performance indicators in four categories: Economic Incentive and Institutional Regime, Education and Skills of Population, Innovation and Technological Adoption System as well as Information and Communication Technology Infrastructure.

With scores of between 7.77 and 9.38, Taiwan ranked No. 1 in ICT infrastructure, ahead of Hong Kong; No. 2 in education, behind South Korea, as well as in innovation, where it was next only to Singapore; and No. 3 in economic incentive, trailing only Singapore and Hong Kong.

According to the National Development Council, having a knowledge-based economy is key to prosperity and social transformation as it helps drive development through equality, inclusion and innovation.

“The ADB’s latest report is a strong vote of confidence in government efforts,” an NDC official said, adding that the top rankings underscore the competitive edge the nation enjoys.

Citing statistics from the Directorate-General of Budget, Accounting and Statistics, the NDC said Taiwan’s intellectual property investment amounted to NT$701.6 billion (US$22.42 billion) in 2013, up 5.07 percent over the year before. Between 2007 and 2013, the country’s IP investment relative to machinery equipment jumped from 39.61 percent to 61.12 percent.

The NDC said the government is implementing a raft of measures to develop Taiwan into a regional center for innovation and entrepreneurship, with a focus on sharpening the global competitiveness of the service sector.

“These measures include further institutional reform, regulatory easing and trade liberalization to bring the country’s business environment more in line with that of the rest of the world,” it added.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=225041&CtNode=413)