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.
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
GRIDLOCK: The National Fire Agency’s Special Search and Rescue team is on standby to travel to the countries to help out with the rescue effort A powerful earthquake rocked Myanmar and neighboring Thailand yesterday, killing at least three people in Bangkok and burying dozens when a high-rise building under construction collapsed. Footage shared on social media from Myanmar’s second-largest city showed widespread destruction, raising fears that many were trapped under the rubble or killed. The magnitude 7.7 earthquake, with an epicenter near Mandalay in Myanmar, struck at midday and was followed by a strong magnitude 6.4 aftershock. The extent of death, injury and destruction — especially in Myanmar, which is embroiled in a civil war and where information is tightly controlled at the best of times —
Taiwan was ranked the fourth-safest country in the world with a score of 82.9, trailing only Andorra, the United Arab Emirates and Qatar in Numbeo’s Safety Index by Country report. Taiwan’s score improved by 0.1 points compared with last year’s mid-year report, which had Taiwan fourth with a score of 82.8. However, both scores were lower than in last year’s first review, when Taiwan scored 83.3, and are a long way from when Taiwan was named the second-safest country in the world in 2021, scoring 84.8. Taiwan ranked higher than Singapore in ninth with a score of 77.4 and Japan in 10th with
SECURITY RISK: If there is a conflict between China and Taiwan, ‘there would likely be significant consequences to global economic and security interests,’ it said China remains the top military and cyber threat to the US and continues to make progress on capabilities to seize Taiwan, a report by US intelligence agencies said on Tuesday. The report provides an overview of the “collective insights” of top US intelligence agencies about the security threats to the US posed by foreign nations and criminal organizations. In its Annual Threat Assessment, the agencies divided threats facing the US into two broad categories, “nonstate transnational criminals and terrorists” and “major state actors,” with China, Russia, Iran and North Korea named. Of those countries, “China presents the most comprehensive and robust military threat