Chief executive officers of Taiwanese companies were slightly more confident about the global economic scene this year and aimed to pursue business growth by boosting operating efficiency, a survey released yesterday by PricewaterhouseCoopers LLP (PwC) showed.
Thirty-one percent of the CEOs voiced confidence about the macro-business environment, an increase of 4 percent from a year earlier and more upbeat than global peers, the annual survey found.
PwC Taiwan chairman Joseph Chou (周建宏) attributed the improvement in sentiment to an easing of US-China trade tensions, which have now been replaced by fears over the COVID-19 pandemic.
The survey, conducted between September and December last year, does not reflect the effects of the pandemic that has spread around the world after being first detected in China in December.
“Confidence would now be much lower, but the findings remain useful,” Chou told an online news conference.
A large majority, or 82 percent, intend to pursue revenue growth by boosting operating efficiency, as such a strategy requires less expenditure and investment, he said.
Seventy-six percent said they would achieve the aim by launching new products and services, Chou said.
Nearly 20 percent would seek to expand the scale of their operations through mergers and acquisitions, and about 9 percent would contemplate strategic partnerships with entrepreneurs, the survey found.
Prior to the outbreak, the CEOs named trade conflicts as the biggest challenge facing Taiwan, followed by foreign currency volatility and policy uncertainty, Chou said.
Protectionism also sat atop the list of concerns, followed by geopolitical uncertainty, the survey found.
Only 8 percent of Taiwanese business leaders plan to tap business opportunities arising from climate change, much lower than the global average of 25 percent, it found.
Fifteen percent of the CEOs said they have seen progress in talent upgrade programs, falling behind the global average of 54 percent, the survey found.
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