Taiwan, traditionally recognized for its robust manufacturing sector, particularly in semiconductors and electronics, is gradually shifting towards a more diversified economy, with a growing emphasis on services and high-tech innovation. Let’s explore how Taiwan is navigating this transformation and the key sectors shaping its economy today.
Diversifying Beyond Manufacturing
Taiwan’s economic success has long been rooted in its manufacturing strength, especially in semiconductors, which make up a large share of the nation’s exports. In recent years, however, Taiwan has been broadening its economic base, focusing strategically on the services sector, including finance, IT, and healthcare. This shift is part of the government’s “Six Core Strategic Industries” initiative, which seeks to boost sectors like biotechnology, green energy, and digital technology.