example ce taiwan 012414

Country of Expertise: Taiwan

Student Name

Course Details: Name, Number and SectionProf. Ziad Swaidan

Date of the assignment

Country of Expertise: Taiwan 2

Table of Contents 1.2 – Executive Summary ........................................................................................................ 3

1.3 – Taiwan: An Introduction ................................................................................................ 4

2.0 – Environmental Analysis: Taiwanese Market ..................................................................... 4

2.1 – Political Environment, Rules & Regulations .................................................................. 4

2.2 – Economic Environment .................................................................................................. 6

2.3 – Society and Culture ........................................................................................................ 7

2.4 – Technological Environment ........................................................................................... 7

3.0 – SWOT Analysis: Taiwanese Market .................................................................................. 8

3.1 – Strengths ......................................................................................................................... 8

3.2 – Weaknesses ..................................................................................................................... 8

3.3 – Opportunities .................................................................................................................. 9

3.4 – Threats ............................................................................................................................ 9

4.0 – Bilateral Market Involvement – United States and Taiwan ............................................. 10

4.1 – Identification of United States of America-based MNCs Operating in Taiwan ........... 10

4.2 – Identification of Taiwan-based MNCs Operating in the United States of America ..... 10

4.3 – Identification of Other Major MNCs Operating in Taiwan .......................................... 11

5.0 – References ........................................................................................................................ 12


1.2 – Executive Summary Taiwan is an island nation in Southeast Asia located off the coast of China, which also

goes by the name “Republic of China” (ROC). The territory itself has a rich history dating back

to inhabitation by Taiwanese aborigines, but the most recent century has found the country

caught up in numerous bouts of wartime drama and challenges to sovereignty that have

ultimately led to differentiated answers when asking, “who exactly governs Taiwan?”. With a

prime location among the outer rim of Asia Pacific region, liberal views towards multinational

investment, and a well-educated workforce, Taiwan is an exceptional host country for companies

looking to internationalize.

A PEST analysis will be used to observe the Taiwanese macro-environment in an effort

to properly identify and account for factors which the MNC must consider prior to committing to

market entry. Through this process of due diligence, the firm may reduce their exposure to

components of risk as related to governance, economics, culture, and technology. Such research

allows the strategic manager to more accurately form their marketing mix for the country of

interest.

The SWOT analysis is a tool typically deployed towards making observations related to

an organization’s unique situation within an industry. In this section, however, we have chosen

to utilize the technique in reverse; essentially performing the SWOT analysis on the external

environment within the country of Taiwan and making observations related to its strengths and

weaknesses.

Taiwan has been viewed as a major center for U.S.-based Asia-Pacific FDI for several

decades now, and—although a portion of this investment followed favorable labor rates to China

roughly 20 years ago—the nation remains well positioned for innovation and R&D, and many

companies are returning to Taiwanese shores. Several of these businesses are outlined.

With a strong industry of integrated circuit R&D, Taiwan has established itself as a key

supplier of such components for U.S. manufacturing firms such as Apple’s relationship with

FoxConn. While this is the most significant contribution of Taiwanese products in foreign

countries and as such warrants identifying, these activities are not carried out by organizations

originating on Taiwan soil. To the contrary, the Taiwanese companies discussed here have direct

involvement with the United States market.

Many global companies have identified the Taiwanese market as a potential toehold

move for entry into the highly desirable market in China due similarities of consumer culture

and, accordingly, market mixes. Several companies are listed here for reference.


1.3 – Taiwan: An Introduction I chose to focus on Taiwan as my country of expertise after being fortunate enough to

visit the country last year during a University of Houston—Victoria study abroad trip; an

experience that was among my most memorable.

Taiwan is an island nation in Southeast Asia located off the coast of China, which also

goes by the name “Republic of China” (ROC). The territory itself has a rich history dating back

to inhabitation by Taiwanese aborigines, but the most recent century has found the country

caught up in numerous bouts of wartime drama and challenges to sovereignty that have

ultimately led to differentiated answers when asking, “who exactly governs Taiwan?”.

From a geographic perspective, the population is concentrated on the northern and

western portions of the island, as the eastern half of the island is composed of rough,

mountainous terrain. Taiwan and the small number of surrounding islands in its territory have a

combined total of 35,980 sq. km., which is slightly smaller than the states of New Jersey and

Connecticut combined. It is surrounded by 4 major bodies of water; the East China Sea to the

north, the Luzon Straight to the south, the Philippine Sea to the east, and the South China Sea to

the west-southwest. Taiwan’s climate is mostly tropical and somewhat similar to the Gulf Coast

of Texas, with much if the island experiencing frequent rain and hot, humid weather during the

summer months.

A great deal of campaigning has been done during the past decade to bring new MNC

activity to the multiple technology parks that Taiwan has erected across the country. Taiwan’s

government is supportive of private industry, and many government-owned entities have recently

undergone privatization. The numerous typhoons and seismic events that take place here could

potentially pose threat to companies with a great deal of physical assets, or those that depend on

an extensive supply chain network. Despite this fact, many US-based companies have turned to

Taiwan for expansion; among them being such recognizable global names as Corning, Microsoft,

IBM, DuPont, 3M, Intel, and Hewlett-Packard.

With a prime location among the outer rim of Asia Pacific region, liberal views towards

multinational investment, and a well-educated workforce, Taiwan is an exceptional host country

for companies looking to internationalize.

2.0 – Environmental Analysis: Taiwanese Market A PEST analysis will be used to observe the Taiwanese macro-environment in an effort

to properly identify and account for factors which the MNC must consider prior to committing to

market entry. Through this process of due diligence, the firm may reduce their exposure to

components of risk as related to governance, economics, culture, and technology. Such research

allows the strategic manager to more accurately form their marketing mix for the country of

interest.

2.1 – Political Environment, Rules & Regulations Whereas a PEST analysis does not typically cover a particular country’s political history

in great depth, the situation in Taiwan warrants addressing these factors due to the ongoing

nature of their influence. The course of the past century has witnessed Taiwan come under the

control of both Japan and China (PRC). When the communist party led by Chairman Mao took

control of China during the 1949 Chinese Revolution, Nationalist party leader Chiang Kai-shek

withdrew to Taiwan with several million refugees (CIA, 2013). Since that time, the island has


recognized itself independently as the Republic of China; a fact that is disputed by mainland

China and its allies (including the United States). Taiwan claims to have full sovereignty over

PRC in addition to Taiwan, whereas PRC denies the independence of Taiwan and instead claims

it as its 23rd province. Although tensions remain high in the region, neither PRC nor ROC has

made significant militaristic threat against the other in recent years. The active government of

Taiwan is a democratic republic, whose current president Ma Ying-jeou was elected by popular

vote in May of 2008 (CIA, 2013).

The Taiwanese government has undertaken several initiatives to spur investment activity

in the nation, including the alignment of foreign investor rights and privileges with those of

domestic investors, as well as tax breaks intended to encourage investors to contribute funds to

R&D and human resource cultivation (HSBC & PWC, 2010). The country has been a member

of the World Trade Organization since 2002, and as of 2009 the WTO ranked “The Separate

Customs Territory of Taiwan” as the world’s 18th

largest trading entity (HSBC & PWC, 2010).

The World Bank’s Ease of Doing Business 2014 report ranks Taiwan 16th

overall out of

189 world economies observed. This relatively high ranking puts Taiwan in a strategically

sound position relative to their East Asia & Pacific peers, as only Singapore (1st), Hong Kong

(2nd

), Malaysia (6th

), and South Korea (7th

) achieved higher results on the scale. The 10

dimensions of the World Bank’s DB analysis as measured against conditions in Taiwan are

reflected in Table 1 below. As shown, Taiwan has made improvements in all but 3 categories

versus 2013 rankings.

Table1: Ease of Doing Business 2014: Topical Ranking Data for Taiwan

Topic DB 2014 Rank DB 2013 Rank Change in Rank

Starting a Business 17 15 -2

Dealing with Construction Permits 7 6 -1

Getting Electricity 7 6 -1

Registering Property 31 31 No change

Getting Credit 73 71 -2

Protecting Investors 34 32 -2

Paying Taxes 58 56 -2

Trading Across Borders 18 18 No change

Enforcing Contracts 84 85 +1

Resolving Insolvency 16 15 -1

(Source: World Bank, 2013)

Opportunity: Strong trade relationship with the United States. The United

States is Taiwan’s third largest trading partner. As of 2011, the country exported

10.8% of its net outgoing goods and services to the United States and accepted

10.1% of their total imports from same (U.S. Commercial Service, 2011).

Threat: Delicate political relationship with China. The fact that China lays

claim to Taiwanese territory, coupled with the knowledge that not all nations

recognize Taiwan’s sovereignty is possible cause for concern. Should a firm

invest in ROC operations, the arrangements made with the government of Taiwan

could feasibly be nullified following a concerted effort made by PRC to reclaim

direct control over the territory. The possibility of PRC expropriation of


organizations erected without their influence and oversight should remain top of

mind for those wishing to conduct FDI in Taiwan.

2.2 – Economic Environment Taiwan has a dynamic capitalist economy primarily steered by robust capabilities around

machinery and technology manufacturing and export. The enormous growth undertaken in the

country during the latter half of the 20th century has been referred to as the “Taiwan Miracle”, as

it has catapulted its GDP to USD901.9 billion (2012; USD38,500 per-capita) making it ranked

20th

among all world economies (CIA, 2013). Although it has demonstrated its ability to create

and maintain industries capable of growing its economy, the fact that such a large portion of its

GDP depends on exports leaves Taiwan vulnerable to soft markets in international demand.

While the country has averaged 8% real GDP growth over the past 30 years, expansion slowed to

a mere 1.8% in 2012 due to lagging exports (CIA, 2013). Worth noting is the fact that Taiwan’s

trade surplus is enormous, and the country suffers from a low unemployment rate of 4.3% as of

2012.

As depicted in Figure 1 below, Taiwan’s percent change in annual GDP growth over the

past 3 years has remained for the most part positive. The country’s strong performance in GDP

growth puts the nation in a competitive position as an outlet for foreign direct investment, as

their ability to demonstrate consistency in economic expansion is reflective of the fortitude of

Taiwan’s economy.

Figure 1: Percent Change, Taiwan Annual GDP Growth Rate

(Source: tradingeconomics.com, 2013)

The country has long been a destination for contract and component manufacturing

processes, but some time ago global organizations began shifting many such activities to

mainland China to take advantage of comparatively lower labor costs. Fortunately for Taiwan,

however, rising costs in China in tandem with a recognizable supply of skilled workers has found

many operations moving back to the island. This year alone, the country planned to garner

USD5 billion of additional investment capital from organizations moving back to Taiwan

(BusinessWeek, 2013).

Opportunity: Admirable GDP per capita. Although Taiwan globally ranks 30th

in the GDP per capita comparison, the only three Asia-Pacific nations outranking


the country are Hong Kong, Brunei and Singapore (CIA, 2013). This puts Taiwan

in a strategically sound position for the introduction of consumer goods to the

Asian market(s), as the disposable income enjoyed by its inhabitants likens the

degree of product sampling.

Threat: Dependence upon PRC for economic solvency. The People’s

Republic of China represents Taiwan’s top ranked target for FDI activities. This

fact, coupled with the idea that China is ROC’s number one trading partner (29%

of total trade as of 2010) makes the country susceptible to severe economic

disruption should political relations with mainland China dissolve.

2.3 – Society and Culture The majority of Taiwanese citizens are of Han (Chinese) descent, and—although several

regional variations exist—Standard (or Traditional Mandarin) Chinese is the nationally

recognized language. Most practitioners of religion in the country follow Buddhism or Taoism

(68.1%), with the remainder of the country made up of I-Kuan Tao, Protestantism, and/or

Catholicism. The Taiwanese people are almost completely opposite from United States citizens

when analyzed using Hofstede’s Five Dimensions of Culture. They score high on the scale of

power distance, uncertainty avoidance, and long-term orientation, taking low marks for

individualism and masculinity. Their collectivistic culture finds them forging strong, life-long

bonds with both family and peers.

Opportunity: Societal appreciation for American goods. Having visited the

country in 2012, I was fortunate enough to witness the general appreciation for

goods from the United States and “Americanism” first-hand. A 2012 Boston

Consulting Group study concluded that Chinese consumers are willing to pay

premium prices of between 10 and 80% to consume American goods and—

although the observations were made of PRC consumption—similarities between

the two cultures allow researchers to draw similar conclusions for the ROC

market (Forbes, 2012).

Threat: Comparatively laggard adoption of new products. The collectivistic

nature of Taiwan’s people finds that early adopters are few, and aggregate

adoption of products newly introduced in the market requires proliferation of

recognized quality. This attitude typically originates with respected persons

within social circles (in-country early adopters) and propagates slowly. Market

entrants must accordingly remain patient with measurements of attach rate, which

can lead to sluggish return on investment.

2.4 – Technological Environment Taiwan is a recognized global leader in integrated circuit manufacturing, including

components and final products related to PCs, LCDs, LEDs, mobile phones, solar cells,

motherboards, and more. From a consumer perspective, their advanced telecommunications

networks and high proliferation of connected devices makes the country adequately situated for

targeting by technology firms whose service offerings depend on these platforms for

deployment.

Opportunity: High saturation of connectivity. The United Nations’

Telecommunication Development Sector estimated that the percentage of


Taiwanese people with internet access was 75.99% as of 2012 (ITU). For

comparison, the same research concluded that usage in the United States of

America sat at 81.03% for the same period (ITU, 2012). This widespread internet

accessibility permits the copious number of firms utilizing web connectivity to

deliver services a well-established audience of consumers in Taiwan.

Threat: Proliferation of copyright infringement. According to the U.S.

Commercial Service, American firms have remained cognizant of infringement of

intellectual property rights by Taiwan and its citizens for some time now, and

internet-based piracy by individuals, corporations, and educational institutions

alike continues to be problematic (2011). Although the situation continues to

improve, companies with electronic products that is easily replicated (e.g.

software and electronic books) should take the necessary steps to protect their IP.

The U.S. Commercial Service has outlined recommended procedures in their

publication “Doing Business in Taiwan”.

3.0 – SWOT Analysis: Taiwanese Market The SWOT analysis is a tool typically deployed towards making observations related to

an organization’s unique situation within an industry. In this section, however, we have chosen

to utilize the technique in reverse; essentially performing the SWOT analysis on the external

environment within the country of Taiwan and making observations related to its strengths and

weaknesses. These factors are taken into consideration as related to other countries, which

establishes the country’s position relative to other regions for consideration of MNC investment.

The framework is then used to analyze opportunities and threats in Taiwan as related to MNC

activity within its borders; the components of which are drawn from the PEST analysis.

3.1 – Strengths

1. Government-backed industrial clusters. The government of Taiwan has erected hosted

industrial parks across the country with the intention of attracting foreign investment,

each of which has varying focuses including ICT design and manufacturing,

biotechnology, metal processing, communications, precision machinery, and more.

These clusters permit firms to take advantage of integrated infrastructure, collocated

supply chain members, and various tax and production incentives.

2. Highly educated workforce. 43.7% of Taiwan’s workforce has obtained higher

education, which adequately positions the country for high quality R&D, innovative

product design, and sound support for other activities required of business proceedings.

3. Currency appreciation. The NTD has appreciated considerably versus the USD in

recent years, which has made goods from the United States become increasingly

attractive to Taiwanese consumers. This trend satisfactorily complements the society’s

appreciation for American goods as viewed by US-based firms wishing to bring products

to market in Taiwan.

3.2 – Weaknesses

1. Focus on electronics. While Taiwan has certainly achieved a name for itself in ICT

manufacturing, the global technological revolution and miniaturization of electronics

experienced in the last 10 years has afforded the country a comfortable economic position


due to their competencies being directly applicable to the trend. Should ICT

manufacturing be phased out due to innovative new approaches to computing, or if

another region supersedes Taiwan’s expertise, their ICT focus could impair their ability

to support further growth.

2. Aging population / slowing birth rate. As of 2012, 11.2% of Taiwan’s population was

over the age of 65 (CIA, 2013). This coupled with the world’s 171st ranked population

growth rate of 0.27% means that the country’s workforce may not be capable of meeting

future demands for labor.

3. Total addressable market (TAM). Taiwan’s total addressable market is comparatively

less than other countries in the region for firms looking to expand into Southeast Asia, as

their population of 23 million is globally ranked 52nd

. This puts the country at a

disadvantage to China, Indonesia, Vietnam, the Philippines, Thailand, South Korea, and

Malaysia for national TAM within the region.

3.3 – Opportunities

1. Admirable GDP per capita. Although Taiwan globally ranks 30th in the GDP per

capita comparison, the only three Asia-Pacific nations outranking the country are Hong

Kong, Brunei and Singapore (CIA, 2013). This puts Taiwan in a strategically sound

position for the introduction of consumer goods to the Asian market(s), as the disposable

income enjoyed by its inhabitants likens the degree of product sampling.

2. Societal appreciation for American goods. Having visited the country in 2012, I was

fortunate enough to witness the general appreciation for goods from the United States and

“Americanism” first-hand. A 2012 Boston Consulting Group study concluded that

Chinese consumers are willing to pay premium prices of between 10 and 80% to

consume American goods and—although the observations were made of PRC

consumption—similarities between the two cultures allow researchers to draw similar

conclusions for the ROC market (Forbes, 2012).

3. High saturation of connectivity. The United Nations’ Telecommunication Development

Sector estimated that the percentage of Taiwanese people with internet access was

75.99% as of 2012 (ITU). For comparison, the same research concluded that usage in the

United States of America sat at 81.03% for the same period (ITU, 2012). This

widespread internet accessibility permits the copious number of firms utilizing web

connectivity to deliver services a well-established audience of consumers in Taiwan.

3.4 – Threats

1. Delicate political relationship with China. The fact that China lays claim to Taiwanese

territory, coupled with the knowledge that only a handful of nations recognize Taiwan’s

sovereignty is possible cause for concern. Should a firm invest in ROC operations, the

arrangements made with the government of Taiwan could feasibly be nullified following

a concerted effort made by PRC to reclaim direct control over the territory. The

possibility of PRC expropriation of organizations erected without their influence and

oversight should remain top of mind for those wishing to conduct FDI in Taiwan.

2. Proliferation of copyright infringement. According to the U.S. Commercial Service,

American firms have remained cognizant of infringement of intellectual property rights

by Taiwan and its citizens for some time now, and internet-based piracy by individuals,


corporations, and educational institutions alike continues to be problematic (2011).

Although the situation continues to improve, companies with electronic products that is

easily replicated (e.g. software and electronic books) should take the necessary steps to

protect their IP. The U.S. Commercial Service has outlined recommended procedures in

their publication “Doing Business in Taiwan”.

3. Dependence upon PRC for economic solvency. The People’s Republic of China

represents Taiwan’s top ranked target for FDI activities. This fact, coupled with the idea

that China is ROC’s number one trading partner (29% of total trade as of 2010) makes

the country susceptible to severe economic disruption should political relations with

mainland China dissolve.

4.0 – Bilateral Market Involvement – United States and Taiwan

4.1 – Identification of United States of America-based MNCs Operating in Taiwan Taiwan has been viewed as a major center for U.S.-based Asia-Pacific FDI for several

decades now, and—although a portion of this investment followed favorable labor rates to China

roughly 20 years ago—the nation remains well positioned for innovation and R&D, and many

companies are returning to Taiwanese shores. Several of these businesses are outlined below.

DuPont: DuPont formed their Taiwanese subsidiary in 1968, and has since grown to 3

manufacturing plants, 5 joint ventures, and 5 major enterprise groups. Its USD5 billion

investment to-date makes it the largest foreign participant in the Taiwanese economy

(U.S.TaiwanConnect, 2013).

IBM: IBM established a branch office in Taipei, Taiwan over 50 years ago in 1956.

Since that time, the country has fallen into their “Growth Markets Unit”, which is

expected to contribute 30% of global company revenue as a whole by 2015 (TaipeiTimes,

2011).

Corning: Corning rolled out operations in Taiwan in 1971with the formation of the

Pacific Glass Corporation. In the years since, the company has grown extensively with

new facilities and a renewed business focus on high-quality LCD substrates,

environmental technologies, cable systems, life sciences, and optical fiber. Its offices in

Taipei, Taichung, and Tainan employ over 1,000 people (Corning, 2013).

4.2 – Identification of Taiwan-based MNCs Operating in the United States of America With a strong industry of integrated circuit R&D, Taiwan has established itself as a key

supplier of such components for U.S. manufacturing firms such as Apple’s relationship with

FoxConn. While this is the most significant contribution of Taiwanese products in foreign

countries and as such warrants identifying, these activities are not carried out by organizations

originating on Taiwan soil. To the contrary, the following Taiwanese companies have direct

involvement with the United States market.

Formosa Plastics: Formosa Plastics Group is a globally recognized leader in the

petrochemical and plastics industries, and is one of Taiwan’s most successful firms. The

company established operations in the United States in 1978, and as of 2013 now

employs over 2,400 employees across 6 business units located in 4 states (Formosa

Plastics, 2013).


ACER: After acquiring United States PC manufacturer Gateway in 2008 for USD710

million ACER now boasts the fourth largest sum of PC shipments in the US having sold

6.1 million units during the first quarter of 2013, trailing HP, Lenovo, and Dell. (IDC,

2013).

ASUS: PC manufacturer ASUS has also had an excellent run in the United States, and as

of the first quarter of 2013 held 5.7% market share (IDC, 2013).

4.3 – Identification of Other Major MNCs Operating in Taiwan Many global companies have identified the Taiwanese market as a potential toehold

move for entry into the highly desirable market in China due similarities of consumer culture

and, accordingly, market mixes. Several companies are listed here for reference.

Panasonic Group: Japan’s Panasonic Group expanded to Taiwan in 1962, and today the

firm posts NTD3.4 billion of annual capitalization. The firm’s product specialties include

audiovisual equipment, household appliances, electronic components, and

communications products (InvestTaiwan.org, 2013).

Sony: Also hailing from Japan, electronics manufacturer Sony established a subsidiary

with large scale operations in Taipei, Taiwan in 2000. Their investment in Sony Taiwan

Ltd. includes a component procurement project totaling USD10 billion, making it one of

the firm’s largest global investments (InvestTaiwan.org, 2013).

AZ Electronic Materials: AZ Electronic Materials, a Luxembourg-based manufacturer

of specialty chemicals and flat panel display materials, holds its largest Asia-Pacific

operations in its two Taiwanese facilities in Hsinchu County. Confident in the region’s

support of its line of business, the firm has embarked upon expanding the scope of its

operations in Taiwan as of 2012 (InvestTaiwan.org, 2013).


5.0 – References

BusinessWeek. (2013, June 25). Taiwan’s prodigal companies return as china costs rise:

Economy. Retrieved from http://www.businessweek.com/news/2013-06-25/taiwan-s-

prodigal-companies-come-home-as-china-labor-costs-rise

CIA. (2013, November 6). The world factbook: Taiwan. Retrieved from

https://www.cia.gov/library/publications/the-world-factbook/geos/tw.html

Corning. (2013). Corning taiwan faqs. Retrieved from

http://www.corning.com/tw/en/about_us/faqs.aspx

Forbes. (2012, November 30). Half a billion opportunities for u.s. businesses. Retrieved from

http://www.forbes.com/sites/helenwang/2012/11/30/half-a-billion-opportunities-for-u-s-

businesses/

Formosa Plastics. (2013). Corporate overview. Retrieved from

http://www.fpcusa.com/company/news/company_literature/FPCUSA_CorporateOvervie

w2013.pdf

HSBC & PWC. (2010, December). Doing business in taiwan. Retrieved from

http://www.hsbc.com.tw/1/PA_1_3_S5/content/taiwan_51/download_form/commercial/li

b_newsletter.pdf

IDC. (2013, April 10). Pc shipments post the steepest decline ever in a single quarter, according

to idc . Retrieved from http://www.idc.com/getdoc.jsp?containerId=prUS24065413

InvestTaiwan.org. (2013). Az establishes itself as the most important supply partner for

electronic materials in taiwan. Retrieved from

http://investtaiwan.org/eng/show.jsp?ID=5180&MID=5

InvestTaiwan.org. (2013). Maximizing resources: Collaboration on a new global platform.

Retrieved from http://investtaiwan.org/eng/show.jsp?ID=5188&MID=5

InvestTaiwan.org. (2013). Multidirectional product innovation gives panasonic taiwan an

unsurpassed competitive advantage. Retrieved from

http://investtaiwan.org/eng/show.jsp?ID=5205&MID=5

ITU. (2012). Percentage of individuals using the internet (by country). Retrieved from

http://www.itu.int/en/ITU-

D/Statistics/Documents/statistics/2013/Individuals_Internet_2000-2012.xls


TaipeiTimes. (2011, June 18). Taiwan’s hardware manufacturers face transformation: Ibm.

Retrieved from http://www.taipeitimes.com/News/biz/archives/2011/06/18/2003506040

tradingeconomics.com. (2013). Taiwan gdp annual growth rate. Retrieved from

http://www.tradingeconomics.com/taiwan/gdp-growth-annual

U.S. Commercial Service. (2011). Doing business in taiwan: 2011 country commercial guide for

u.s. companies. Retrieved from

http://export.gov/taiwan/static/TaiwanCommercialGuide2011_Latest_eg_tw_051449.pdf

U.S.TaiwanConnect. (2013). U.s. companies in taiwan. Retrieved from

http://www.ustaiwanconnect.org/US-Taiwan-Relations/Investment/U-S-Companies-in-

Taiwan

World Bank. (2013). Ease of doing business in taiwan, china. Retrieved from

http://www.doingbusiness.org/data/exploreeconomies/taiwan-china/