Most US firms in Taiwan have expressed a high level of confidence in the local economy and their own business prospects for the coming year and beyond, as Taiwan emerges from a post-COVID-19 pandemic dip, the American Chamber of Commerce Taiwan (AmCham) said yesterday.
The chamber of more than 580 companies reached that conclusion after an annual poll found that more than 80 percent of companies voiced confidence in the economic outlook this year and an even higher 85 percent are positive about the next three years.
Meanwhile, nearly 83 percent are optimistic about their revenue prospects in the coming 12 months and 87 percent are confident over the next three years.
Photo: Ben Blanchard, Reuters
“Members are committed to the [local] market, with 92 percent saying they plan to maintain or increase investment in Taiwan this year,” AmCham chairman Dan Silver said.
The survey informs the chamber’s advocacy agenda for the coming year and serves as a resource for the Taiwanese and US governments, as well as others interested in US-Taiwan economic relations.
Despite the sentiment uptick, satisfaction with the regulatory environment has remained stagnant, as 43 percent said that regulations are not updated sufficiently in response to changing needs.
AmCham called on the government to make exceptional efforts to reduce bureaucracy and fine-tune regulations.
Meanwhile, 71 percent of companies expressed concern over the availability of green energy and 39 percent urged the government to make energy sufficiency its top priority.
In line with the nation’s pursuit of net zero carbon emissions by 2050, 61 percent of US companies here have formally committed to achieving net zero emissions and using 100 percent renewable energy, the survey found.
Though national security and cross-strait relations are considered important, a majority said they had not been significantly disrupted by increased tensions last year, although 35 percent said they are revising business continuity plans to address the geopolitical climate.
As for human capital, 55 percent reported plans to expand their workforce this year, it said, adding that companies urged the government to prioritize talent development and retention to maintain international competitiveness.
While appreciative of the nation’s stable and safe environment, AmCham members are concerned about road safety, quality of old buildings, the aging population and regulations that fall short of meeting economic needs.
In addition, a big majority, 72 percent, consider it important to their business that Taiwan secured a bilateral trade agreement with the US, the nation’s second-largest trading partner.
Members view the chapter on good regulatory practices as the most important section for their business, it said.
Support is widespread for the signing of a second agreement and swift implementation of the US-Taiwan Initiative on 21st-Century Trade, it said.
SILICON VALLEY HUB: The office would showcase Taiwan’s strengths in semiconductors and artificial intelligence, and help Taiwanese start-ups connect with global opportunities Taiwan has established an office in Palo Alto, one of the principal cities of Silicon Valley in California, aimed at helping Taiwanese technology start-ups gain global visibility, the National Development Council said yesterday. The “Startup Island Taiwan Silicon Valley hub” at No. 299 California Avenue is focused on “supporting start-ups and innovators by providing professional consulting, co-working spaces, and community platforms,” the council said in a post on its Web site. The office is the second overseas start-up hub established by the council, after a similar site was set up in Tokyo in September last year. Representatives from Taiwanese start-ups, local businesses and
EXPRESSING GRATITUDE: Without its Taiwanese partners which are ‘working around the clock,’ Nvidia could not meet AI demand, CEO Jensen Huang said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and US-based artificial intelligence (AI) chip designer Nvidia Corp have partnered with each other on silicon photonics development, Nvidia founder and CEO Jensen Huang (黃仁勳) said. Speaking with reporters after he met with TSMC chairman C.C. Wei (魏哲家) in Taipei on Friday, Huang said his company was working with the world’s largest contract chipmaker on silicon photonics, but admitted it was unlikely for the cooperation to yield results any time soon, and both sides would need several years to achieve concrete outcomes. To have a stake in the silicon photonics supply chain, TSMC and
‘DETERRENT’: US national security adviser-designate Mike Waltz said that he wants to speed up deliveries of weapons purchased by Taiwan to deter threats from China US president-elect Donald Trump’s nominee for US secretary of defense, Pete Hegseth, affirmed his commitment to peace in the Taiwan Strait during his confirmation hearing in Washington on Tuesday. Hegseth called China “the most comprehensive and serious challenge to US national security” and said that he would aim to limit Beijing’s expansion in the Indo-Pacific region, Voice of America reported. He would also adhere to long-standing policies to prevent miscalculations, Hegseth added. The US Senate Armed Services Committee hearing was the first for a nominee of Trump’s incoming Cabinet, and questions mostly focused on whether he was fit for the
INDUSTRIAL CLUSTER: In Germany, the sector would be developed around Taiwan Semiconductor Manufacturing Co’s plant, and extend to Poland and the Czech Republic The Executive Yuan’s economic diplomacy task force has approved programs aimed at bolstering the nation’s chip diplomacy with Japan and European nations. The task force in its first meeting had its operational mechanism and organizational structure confirmed, with Premier Cho Jung-tai (卓榮泰) the convener, and Vice Premier Cheng Li-chiun (鄭麗君) and Minister Without Portfolio Ma Yung-cheng (馬永成) the deputy conveners. Minister of Foreign Affairs Lin Chia-lung (林佳龍) would be the convener of the task force’s strategy group in charge of policy planning for economic diplomacy. The meeting was attended by the heads of the National Development Council, the Ministry of Economic Affairs, the
RSS