The
Taiwan Economy is of capitalist mode that depends mostly upon foreign trade. The
foreign trade in Taiwan is controlled by the government of Taiwan. Due to heavy industrialization in the country, the foreign trade has grown fast in the country. Most of the people in Taiwan are employed. The
foreign investment in Taiwan is considered to be the third largest in the world. The government banks and the industries in Taiwan are being privatized rapidly to keep pace with the foreign investment in
Taiwan. The
economy of Taiwan is majorly industry and trade based. Agriculture comprises the minor part of
Taiwan Economy. The industrialization in Taiwan is taking place hugely and modern technologies are being introduced. The labor industries are continuously facing a setback due to the growing technology in the industries. The major countries that invest in the
economy in Taiwan are the following:
- China
- Thailand
- Indonesia
- Philippines
- Malaysia
- Vietnam
The
labor market in Taiwan is also suffering due to the intrusion of foreign workers in the country. This has also led to the increase in illegal
workers in Taiwan. Presently Taiwan is booming in the production of technological goods. The foreign investment in the country has led to the development of the
service sector in Taiwan. Now Taiwan has emerged as a prime investor in the economic field of Asia. Taiwan has invested a huge amount of capital in the market of Southeast Asia.
Foreign trade is one of the major sources of
economy in Taiwan. It has become one of the important members of the World Trade Organization in the year 2002.
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