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Author: Natalie Tso
Published Date: 2019-05-20
Published Date: 2019-05-20
With the US-China trade war heating up, Taiwanese businesses in China are looking to return to Taiwan or move elsewhere. This trend has led agencies like IHS Markit to predict 2% economic growth for Taiwan this year. That’s the highest among the four Asian tigers.
Economic Minister Shen Jong-chin says that so far 55 Taiwanese companies are set to return to Taiwan and invest NT$288 billion (US$9 billion). That would amount to NT$100 billion (over US$3 billion) in investment this year.
Shen said Taiwanese companies in China hit by the trade war are planning to move production Southeast Asia, and for higher-end products, to Taiwan. Major tech companies like Quanta, Pegatron, Wistron and others are planning to move part of their production to Taiwan.
At the legislature on Monday, Premier Su Tseng-chang spoke about IHS Markit’s recent prediction that Taiwan will see 2% economic growth this year. That’s higher than the predicted growth rates of Hong Kong, Singapore and South Korea. Minister Shen said the four Asian tigers have all been hit by the trade war, but Taiwan is benefiting from Taiwanese companies in China investing back in Taiwan.