A report from the American Chamber of Commerce in Taiwan (AMCHAM) shows its members have confidence in the Taiwan market, and hope for more progress on a free trade agreement. The AMCHAM 2024 Business Climate Survey released Tuesday shows that 92% of respondents plan to increase investment in Taiwan this year. 81% of respondents said they are confident in Taiwan's 2024 economic outlook, and 85% were positive about the next three years.
72% of respondents say that the completion of a U.S.-Taiwan free trade agreement is important to their business. The first part of the U.S.-Taiwan Initiative on 21st-Century Trade has been signed, but further parts are still being finalized. Most respondents say that the Good Regulatory Practices section of the agreement is most important for their business.
Concerns among the respondents include Taiwan’s regulatory environment, with 43% saying that regulations are not updated frequently enough to changing economic and social needs. Furthermore, 40% say that Taiwan’s regulations are interpreted inconsistently.
According to the survey, national security remains a concern of many respondents, but most say their businesses have not been disrupted by cross-strait tensions. However, 35% say the geopolitical environment has caused them to revise their business continuity plans.
The survey showed that 61% of respondents have formally committed to achieving 100% of their energy from renewable sources by 2050, in line with the government’s goals. At the same time, 71% say they are concerned about the availability of green energy in Taiwan.
The survey included 223 executives of AMCHAM member businesses and was conducted between November 20 and December 15, 2023.