Taiwan's Top 5 Industries
Taiwan has a resilient capitalist economy when compared to the rest of the countries in the Asia Pacific. The country has shown immense fiscal growth, even with the pandemic raging on. This is a reflection of the country’s effective and efficient public health infrastructure coupled with a high level of trust in the Taiwanese government and the policies they have implemented to keep the pandemic in check.
With the pandemic effectively controlled, Taiwan’s economy managed to function smoothly and without much interruption. One of the main industries that enjoyed a surge in the production of global exports is the digitalization industries.
The industries in particularly include the electronic, petrochemical, telecommunication, agricultural industry and financial industries. While their top trading partners includes
- China (including Hong Kong)
- The United States
- Japan
- Singapore
- South Korea
- Malaysia
- Germany
Electronics Industry
The electronics market in Taiwan has seen exceptional growth in the past few years with an increased global export to China and Hong Kong. Taiwan’s semiconductor industry in particular forms a large part of Taiwan’s electronics industry.
Companies like the Taiwan Semiconductor Manufacturing Company (TSMC) alone accounts for about 50% of the global chipmaking market. The production of semiconductors in Taiwan grew by 6.8% in the past year with the rise in demand for electronics and technology due to the shift in the work culture. Taiwan has become a hotspot for the most advanced chip production for automobiles, 5G and smart devices.
Fig 1. Microchips (Source: Pexels)
And with the ongoing trade war between China and the U.S., Taiwan has emerged as the leading digital producer in the region. An internship in one of the leading semiconductor companies in Taiwan will give you experience and exposure to the process and functions of the industry.
AIP will ensure you are placed with an electronic company that best suits your passion and guarantee you get the best out of the internship in Taiwan.
Petrochemical Industry
The petrochemical sector plays an important role in Taiwan. The two main players are Formosa Petrochemical Corporation (FPCC) and Chinese Petroleum Corporation (CPC).
FPCC is the first privately-owned refinery and second-leading petrochemical company in Taiwan. Besides producing refined oil products like jet fuel, liquid petroleum gas and gasoline, and petrochemicals like ethylene, propylene and butadiene, FPCC also sells electricity and steam.
Being the leading industry in the production of oil, CPC has also made its mark in the country as the main supplier of refined oil and oil products. With Taiwan having a limited supply of fossil fuels, CPC has devised a process of obtaining the energy resources in two ways; upstream operations and downstream operations.
Upstream operations mean that CPC will ramp up overseas productions in order to stabilize the supply of crude oil and natural gas in the domestic markets. The aim of this operation is to gradually increase the ratio of self-owned and eventually, self-controlled energy reserves.
With low volumes of crude oil in the country, CPC has developed the process of downstream operations as well. This means that all of the country’s crude oil is imported to supply its domestic market. And to ensure stability, CPC works with international companies on long-term contracts but also diversify their sources of crude in order to maintain stability in the market.
However, in the past few years, Taiwanese firms have started moving production back to Taiwan with increased tension of international trade. This has immensely improved the domestic market and played an important role in the economic growth of the country.
Fig 2. Petrochemical Factory (Source: Pexels)
An internship in the petrochemical industry in Taiwan right now will contribute immensely to your professional career. AIP will also ensure that your experience is not limited to one aspect, but make sure that your personal experience during the internship is also guaranteed.
Telecommunications Industry
The telecommunications industry in Taiwan has maintained to be an essential infrastructure to the economy and has grown in demand over a couple of years.
As the global world struggled to ensure steady economic growth during the pandemic, Taiwan has relatively succeeded in ensuring fiscal stability. And when it comes to the telecommunications market, Taiwan has remained steady in its function and progress.
Today’s telecommunication markets are not only focused on connecting people together. Telecom companies and industries are now responsible for implementing a variety of consumer applications; from wide range videos to 5G solutions for both enterprises and government clients.
The main telecommunication operators in Taiwan are; Far EasTone, Chunghwa Telecom and Taiwan Mobile. The “big three” have been the first telecom operators to get ahead in the race of developing a 5G ecosystem that would push the country to the forefront in the digital economy. The telecom market in the country has grown and flourished over the years.
If you are planning to explore the world of telecommunications, Taiwan is a great place to start your IT internship.
Financial Industry
The financial system in Taiwan has greatly improved over the past few years and we can see that change particularly in the banking system. The main functions of banks in a country are to manage the country’s monetary policy and payment systems, issue currency, act as a fiscal agent to the government and manage foreign exchange (Corporate Finance Institute (n,d,). Top Banks in Taiwan. 2021).
During the pandemic, the banking system has remained relatively stable in the country and this has allowed for all financial transactions to operate smoothly in the country.
Fig 3. Man checking stock market (Source: Pexels)
The GDP forecast of Taiwan is expected to be around 3.7% this year. The central bank’s monetary policy has also ensured that it will support the funding and liquidity of the country. Although the performance level of Taiwan’s banking system will remain moderate this year due to an overcrowded market and fierce competition, the government’s support for the banks will remain strong due to its strong fiscal capacity.
Some of the top banks in Taiwan are; CTBC Bank, Hua Nan Com Bank, Bank of Taiwan and the Deutsche Bank. A financial internship in one of these banks in Taiwan will offer you a window into the financial world and how technology plays a role in facilitating finance and banking in the country.
Agriculture Industry
Taiwan’s developments in the field of agriculture have become world-renowned. Although the country’s economy is mainly supported by its semiconductor industry and information technology, Taiwan’s agriculture sector is the main reason behind its rapid tech developments.
Today, agriculture in Taiwan has benefited from the country’s digital advancement with the government introducing the Agriculture 4.0 Movement or Smart Agriculture. This would entail the use of information and communication technology to create efficient and effective farming solutions. Some of the technology that is used in smart agriculture include drones, robots, big data, cloud computing and artificial intelligence.
Fig 4. Farming using a drone (Source: Pexels)
The goal of smart farming is to increase yield, reduce crop damage and operation costs, and minimize the use of fuel, fertilizers and water. While there are still concerns over how to effectively implement this new technique of farming on the ground, these concerns provide policymakers and educators with a clearer picture of what needs to be done to facilitate smart agriculture in the country.
The shift to smart farming has helped many young, innovative startups develop in Taiwan. Furthermore, countries like the Philippines, Thailand, Indonesia, Vietnam and India have partnered up with Taiwan to assist them with the appropriate and effective agricultural technology needed to increase production in their own country.
An agriculture internship in Taiwan will be very informative and beneficial in learning about the future of agriculture. If you want to learn more about the process of incorporating technology with farming, Taiwan is the place for you.
Apply to AIP!
Taiwan is rapidly becoming a country in which the global market is greatly dependent, especially during a time when things are economically unstable. If you want to learn more about this beautiful and tenacious country, start your journey with an internship with AIP! Visit our website for more details and information.
