Why You Need Digital Marketing in Taiwan
In spite of its limited land size and population, Taiwan has an impressive GDP per capita of $50,300 (as of 2017) – which is higher compared to that of Australia, Denmark, Canada, France, and Japan. A heavily urbanized (78.2%) country that is world-renowned for its superior electronic and semi-conductor industries, strong manufacturing markets, and positive economic growth, Taiwan is an exciting place for any business.
It is ranked as the 10th freest economy in the world due to its economic freedom score of 77.3 in the 2019 Index. This 100-point scale considers factors such as regulations on business, labor, investment, trade, finance, and property rights. Each of the countries’ government size and monetary controls, together with corruption levels, are also considered in their ranking.
In addition to that, Forbes has listed Taiwan as the 12th Best Country for Business for 2019, edging out other notable countries like Germany (14th), South Korea (16th), the United States (17th), and Japan (19th). It ranked third in Asia, after economic rivals Hong Kong and Singapore. The Forbes list ranks 161 nations based on 15 equally weighed factors that include technology, innovation, taxes, property rights, infrastructure, market size, political risk, quality of life, freedom (personal, trade, and monetary), red tape, and investor protection, among others.
A well-developed commercial code together with open-market policies that facilitate the flow of both capital and goods have turned Taiwan into a haven for small and medium-size businesses in the recent decade. The country’s healthy legal framework and firm protection of property rights likewise provide a conducive atmosphere for all types of businesses.