Tom Burn, Acting Representative at the British Office Taipei and Martin Kent, His Majesty's Trade Commissioner for Asia Pacific, currently visiting Taiwan, revealed the initial results of the latest annual British business survey at an event hosted by the British Chamber of Commerce in Taipei on 1 February. Huai-jen Lee, Deputy Minister of Digital Affairs and Jen-ni Yang, Deputy Chief Negotiator from Office of Trade Negotiations also attended the event.
This latest survey received a total of 76 responses from British business, 59% of which operate in the energy and semiconductor sectors. Respondents were positive about Taiwan's economy (78%) and optimistic about the outlook for their business in Taiwan over the next 1 to 3 years, a growth in confidence compared to previous years. Respondents have high expectations of opportunities in the energy and net zero sectors (83%). An improving digital trade and investment environment was also welcomed. British businesses also said they would like to see improved digitalisation and greater efficiency from public institutions in Taiwan, and called for clearer renewable energy policies. Other concerns included sufficient energy supply and the impact on business of cross-strait relations.
The survey was conducted after the signing of the UK-Taiwan Enhanced Trade Partnership (ETP) Arrangement on 8 November 2023, and 63% of the respondents think that the Enhanced Trade Partnership signed in 2023 will positively affect their business in Taiwan. Respondents were also asked about the three key priority areas: two-way investment, digital trade, and renewable energy and net-zero, and the information gathered will help inform the UK's on-going discussion with the Taiwanese authorities.
50% of the British businesses who responded said that Taiwan's strengths in advanced technology was the primary reason they invested here, with the semiconductor, energy and advanced engineering sectors ranked top in Taiwan for growth potential and investment opportunities.
Tom Burn, Acting Representative at the British Office Taipei said:
2023 was a landmark year for UK-Taiwan collaboration, and we saw lots of new 'firsts" between the UK and Taiwan, including the historic signing of the first UK-Taiwan Enhanced Trade Partnership arrangement in November, the MOU on UK-Taiwan health cooperation signed in July, the first UK-Taiwan Semiconductor Dialogue, also in July, the first UK pavilion at SEMICON Taiwan in September and the launch of a new UK-Taiwan Collaborative R&D funding programme. I am confident that we will see the UK-Taiwan trade and investment relationship grow further in 2024.
The comprehensive results of the latest British business survey will be published on the UK Government's GOV.UK Taiwan page in due course.
For the initial results released today, please see British Business Survey Results One Pager (PDF, 337 KB, 2 pages)
