Far Taiwan does not come often in Bulgarian news and this is a big mistake. The country continues to be worth somewhere halfway around the world, not to tell a distant planet. I have traveled around the world, but you have to share with you: nothing could be compared with Taiwan.
I doubt that there are many users who would not ever heard of HTC, Kenda, Giant, Acer or Asus. Many Bulgarians have used daily products from their rich catalogs. However, this is a very small part of the achievements of this small-size country that must be studied in universities because Taiwan's achievements are text-book on economics, finance, social and geopolitics and whatnot.
Even if you know the most famous domestic brands and companies may miss the essence, because Taiwan is much more. The small Pacific island is one of the Four Asian Tigers and in fact one of the most attractive and successful business destinations on the planet. Famous local brands may have the face and the launch vehicle for the Taiwanese economy, but the country is not just rely on them because they know that in business size does not always matter. In Taiwan, excellent knowledge combined strength and bet it on the rise.
In Taiwan, there is a great way to show the world that it is not necessarily to have a recipe for success to be very sophisticated. On the contrary, as it usually happens, the simple but efficient models work best. Taiwan's success is due to two solid foundations - quality education and innovation. Almost half of the population over 15 years with secondary or higher education and remarkable is that change only occurs for some ten years.
According to a report by the World Economic Forum in the category "innovative development", the small island takes incredible 11th place in the world! Not bad, right?
Experts say that the formula of two "and" is another explanation for the success of Taipei - institutions that create the best business conditions and concept development aimed at innovation. This provides a great environment for first steps and rapidly developing business. Despite fierce competition in today's economic world Taiwan misses dominance in the market of basic technology products.
Taiwan falls into the not very great company of the most developed economies in the world yesterday. The rapid development of the island began in the 60s of last century. For five decades of hard work and sound financial and economic governance Taiwan grew from underdeveloped agricultural island into an economic force, a key manufacturer of high technology products.
The leading sectors are information and communication technologies more advanced in 21st century photovoltaic products, bicycle manufacturing and machinery. Today Taiwanese super-technologies rule much of the global market. Smartphone in sleek notebook or while talking on the phone, you probably use every day something is designed, manufactured and exported from Taiwan. Taiwan is in the Top 20 in the world in volume of participation in international trade (import and export) and 25th position in Gross Domestic Product. Taiwan's economy is open, highly industrialized and innovative, with highly developed IT sector, including more than seven thousand companies. The island produced a solid piece of electronics that is sold worldwide - from small individual components to the complete machines.
We produce a whopping 89% of notebooks in the world and 75 percent of their desktop counterparts. Electronic equipment occupies 42% of the country's exports. Only there will be surprised if I say that leading Taiwanese companies are estimated at billions of dollars and the price is constantly rising.
Along with industrial production country not only exports its products and expertise outside, but also hosts more than 50 foreign companies. All are welcome in Taiwan have created and are constantly developing their own centers on the island. The local government has provided them a rich palette of various government incentives and concessions. They can use something else. It actually lies to another great advantage of Taiwan - quality workforce that consistently keep the country in the leading places in the charts competitiveness.
Significantly, Taiwan is among the most important trading partners of the European Union in Asia. According to the European Commission - the EU is the fourth most important partner in Taipei after China, the US and Japan.
All this explains why even the uneducated Taiwan's economy to recover so quickly from the global financial crisis. In 2015 GDP growth of Taipei was only 0.9%, which is only 0.1 percent less than forecast. A year later, the figure is doubled.
Trade and investment risks in Taiwan are low because of an open economy, relatively low taxes, lack of trade barriers and minimize red tape. Things of which in Bulgaria we can only learn. The result - FDI recover to pre-crisis levels and amounted to about 13 per cent of GDP.
Promotion of Taiwanese industry in global markets is also an important part of a successful strategy. For this caring people in the organization TAITRA (Taiwan External Trade) and it is not difficult to notice that the people in it know their job.
In order to promote international trade, the local business is looking for foreign partners from all over the world, including Bulgaria. Contacts and cooperation between companies from both countries care Taiwan Trade Center in Sofia.
Аuthor: Anatoli Staykov