News

Taiwan welcomes accelerated domestic investment totaling over US$87 million

Government efforts to accelerate domestic investment are paying dividends as applications from seven Taiwan businesses to invest a total of NT$2.61 billion (US$87 million) have been approved, according to information released May 28 by InvesTaiwan overseen by the Ministry of Economic Affairs.

While Taiwan may be described as a predominantly Han Chinese society, with more than 95 percent of the population claiming Han ancestry, its heritage is actually much more complex. The successive waves of Chinese immigrants that began arriving in the 17th century belonged to a variety of subgroups with mutually unintelligible languages and different customs.Today in Taiwan, however, distinctions between them have become blurred as a result of extensive intermarriage and the universal use of Mandarin. Taiwan has been a melting pot not only of diverse Han subgroups, but also of indigenous Malayo-Polynesian peoples and immigrants from all over the world. Recent years, for example, have seen an influx of new arrivals from China and Southeast Asia, mostly through marriage. Currently, the number of new immigrants is nearly 500,000.

The Republic of China (Taiwan) is situated in the West Pacific between Japan and the Philippines. Its jurisdiction extends to the archipelagoes of Penghu, Kinmen and Matsu, as well as numerous other islets. The total area of Taiwan proper and its outlying islands is around 36,197 square kilometers.At about the size of the Netherlands, but with a population of some 23 million, Taiwan is more populous than three-quarters of the world’s nations. Taiwan proper has more than its share of natural splendor. Mountain ranges with many peaks reaching over 3,000 meters—including East Asia’s highest, Jade Mountain (Yushan)—and forested foothills occupy more than half of its area.The island also features volcanic mountains, tablelands, coastal plains and basins. The Diaoyutai Islands, which lie northeast of Taiwan, and a number of islands in the South China Sea, including those in the Tungsha (Pratas), Nansha (Spratly), Shisha (Paracel) and Chungsha (Macclesfield Bank) islands, are also part of the territory of the ROC.

Taiwan occupies an important position in the global economy. It is a top player in the world’s information and communication technology industry as well as a major supplier of goods across the industrial spectrum. According to the World Trade Organization, Taiwan was the 16th largest exporter and 18th largest importer of merchandise in 2017. It was also one of the largest holders of foreign exchange reserves as of December 2017. Taiwan’s gross domestic product per capita reached US$24,337 in 2017. In terms of nominal GDP, Taiwan ranks close to Argentina and Sweden, while Taiwan’s GDP per capita expressed as purchasing power parity is similar to that of Austria and Denmark.