An Investment Climate Statement released by the US State Department on Wednesday says “Taiwan is an important market in regional and global trade and investment.”
The report says that’s because “Taiwan is at the center of regional high-technology supply chains due to its dominant role in the international technology supply chain with its advanced R&D capability in developing products for emerging technologies.” These technologies include semiconductors, 5G telecommunication, AI, and the Internet of Things (IoT.)
The report also says Taiwan is a “critical link in global supply chains, a central hub for shipments and transshipments in East Asia, and a major center for advanced research and development (R&D).”
In addition, the report says that Taiwan, the United States’ 9th largest trading partner in 2020, is one of the world’s top 25 economies in terms of GDP.
Investment Climate Statements provide country-specific information on the business climates of more than 170 countries and economies.