British businesses continue optimistic views about Taiwan economy
Source: gov.uk (2025-03-06)

According to the latest survey results, optimism towards Taiwan’s economy was solid among respondents, consistent with previous results.

Ruth Bradley-Jones, Representative at the British Office Taipei, and Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific currently visiting Taiwan, announced the latest 2024-25 British Business Survey results at an event hosted by the British Chamber of Commerce in Taipei. Representatives from the Taiwanese authorities, including Deputy Trade Representative Huai-Shing YEN from Office of Trade Negotiation, Secretary General Amelia W.J. DAY from International Trade Administration and Director General Emile M. P. CHANG from Department of Investment Promotion of Ministry of Economic Affairs, also attended the event.

According to the latest survey results, optimism towards Taiwan’s economy was solid among respondents, consistent with previous results. It is significant that despite a series of global economic fluctuations over the past few years, Taiwan has been a stable and growing market for most British businesses. The respondents also identified new opportunities across various sectors - notably ICT beyond semiconductors - as well as healthcare, financial services, and renewable energy. In this positive environment, 64% of respondents anticipated business revenue to grow in 2025.

Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific (Right) was exchanging opinions with UK businesses.

Respondents also expected the UK-Taiwan Enhanced Trade Partnership (ETP) Arrangement to benefit their operations by facilitating business between the UK and Taiwan and reducing bureaucratic ‘red tape.’

British businesses’ hope for the next round of UK-Taiwan trade talks largely aligned with their wish lists for the UK’s updated industrial and trade strategies. In particular, they emphasised strengthening the UK-Taiwan relationship in ICT and healthcare.

The results of the latest survey showed that most of the uncertainties come from external, international sources. There are signs that geopolitical factors are impacting operations. Businesses expressed concern about attracting and retaining foreign talent due to cross-Strait tensions. Over one third of respondents stated some impact to their business operation following President Trump’s re-election.

Looking domestically at areas for improvement, local protectionism is seen as a growing challenge for British businesses hoping to compete on a level playing field in Taiwan.

These concerns are reflected in respondents’ ranking for policy priorities in Taiwan. Energy supply and security was the top priority, followed by efforts to stabilise cross-Strait relations, and continuation of efforts to diversify Taiwan’s international trading network. Additionally, respondents expressed a desire to see greater efforts to attract foreign investment, international companies, and foreign talent.

Ruth Bradley-Jones, Representative at the British Office Taipei, was giving remarks in the event.

Ruth Bradley-Jones, Representative at the British Office Taipei, said she recognised potential business uncertainty coming from the external space, but noted,

I believe that the UK and Taiwan are committed to a responsive trading environment for businesses, and this is demonstrated through the ETP, bilateral Trade Talks, and many more collaborations in science, energy, and digital. I am confident that UK-Taiwan bilateral economic relations will continue to prosper, encouraging British businesses to keep their commitments to the Taiwanese market.

A total of 38 British businesses responses were collected, most of which have set up offices in Taiwan, representing a wide range of sectors, from consulting businesses (24%), advanced engineering (21%), aerospace, energy, financial and professional services, to semiconductors (18% each).

The comprehensive results of the latest British business survey will be published on the UK Government’s GOV.UK Taiwan page in due course and will be included in the future UK-Taiwan bilateral discussions.

Note to editors:

The British Business Survey, which started in 2017, is an annual initiative that seeks to gain insights into British business sentiment about Taiwan’s economy and business environment. This latest edition of the British Business Survey can be found HERE (https://www.gov.uk/government/publications/2024-25-british-business-survey-results).

The 2023-2024 British Business Survey results can be found HERE (https://www.gov.uk/government/publications/british-businesses-survey-analysis-report/british-businesses-survey-analysis-report-british-business-sentiment-in-taiwan-2023-2024).