Leading foreign and domestic businesses have less confidence in Taiwan's economy. The American Chamber of Commerce in Taiwan released these survey results in a business climate report on Tuesday.
This year's survey shows around 70% of respondents have confidence in Taiwan's economic outlook, which is a 16% decrease from last year. But nearly 90% of businesses say they will maintain or increase their investments in Taiwan during 2023.
Many respondents shifted from "very confident" to "somewhat confident" due to concerns about the global economy, geopolitical conflicts, energy supply issues, and regulatory reforms. The chamber members say more needs to be done to bring Taiwan's regulatory framework in line with global standards.
Over 40% of respondents say Taiwan interprets laws and regulations inconsistently. Chamber chairperson Vincent Shih (施立成) says the inconsistency can lead to inefficiency between government bodies and personnel. In particular, the members point to renewable energy strategy as an area that needs to be prioritized for improvement.
The survey results show businesses remain focused on energy issues, especially with Taiwan's 2050 net-zero carbon emissions plan. Over two-thirds of the members say they hope Taiwan will focus on supplying enough renewable energy.
Shih says the chamber hopes to further discuss survey findings with Taiwanese authorities. He says international competition will only intensify the importance of their work and government collaboration.