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.
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