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The Economic Activity of Taiwan

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Taiwan as seen in economic aspects has greatly improved throughout the decades; with profound hard work and advancements in the field of resources, goods, trading, and finance. In the ‘90s Taiwan had emphasized its agricultural field and made it means for economic growth. With Taiwan’s strategic location, foreign influences have improved and modernized Taiwan’s way of boosting its economy. Investments by neighbouring countries had helped Taiwan rise up; with introduction to new techniques in facilitating labour-relations in production. Taiwan is one of the “Four Asian Tigers” also comprising of Hong Kong, Singapore, and South Korea which are newly industrialized regions.

Known as the Taiwan Miracle, the rapid evolution of Taiwan’s industrialization has produced a high-income to the country and as well as to the world. Resources and businesses of the country involve electronics, chemicals, consumer products, petroleum refining; in agricultural includes vegetables, rice, poultry, corn, fruits, beef, and fish; natural resources are of coal, limestone, and natural gas. Export and import goods of the country have also played an important role; electronic and electrical products, petroleum, machinery, and chemicals are some of the products which are commonly exported or imported.

Foreign trade is one of Taiwan’s primary economic activities. The country is known for exporting and supplying computer chips, LCD panels, networking equipments, and other computer-related products. On the other hand, on agricultural aspects, Taiwan has manifested farming for agricultural production and exporting.

Taiwan is a member of the World Trade Organization (WTO), Asian Development Bank (ADB) and the Asia-Pacific Economic Cooperation (APEC)