Taiwan – basic economic data
Taiwan has an area of 36,197 km2 and a population of approximately 23.5 million. Even in times of global crisis, Taiwan is showing unprecedented economic growth of 5.7 % in 2021 and 2.35 % in 2022. The growth potential lies mainly in the orientation of Taiwanese economy towards consumer electronics and ICT and increasing global demand in this sector.
The Taiwanese industry is one of the world’s largest suppliers of electronic components such as computer memory chips and semiconductors, as well as computers and optoelectronics, including flat panel displays. Taiwan’s economy is also actively involved in the development of cloud technologies and software services.
Moreover, Taiwan has a well-established and highly regarded machine tool industry. It is one of the world's leading manufacturers and exporters of machine tools because the island has a strong supporting ecosystem for the machine tool industry, including suppliers of precision components, software developers, and technical service providers. More importantly, Taiwan is often able to offer competitive pricing for its machine tools, which makes them attractive to a wide range of industries such as aerospace, automotive, electronics, and metalworking.