2023 Business Climate Survey Results Show Measured Confidence, Not Complacency

AmCham Taiwan Chairperson Vincent Shih announced the results of the Chamber’s 2023 Business Climate Survey (BCS) on February 7 at a press conference held at the Shangri-la Far Eastern Hotel in Taipei. Around 20 media organizations were present at the event. Shih detailed the survey’s major findings, which were summarized in a 16-page report produced by AmCham. The report conveys the responses of 214 voting members, representing both international and domestic businesses, with most members holding upper management positions.

While overall confidence in Taiwan’s future economic performance decreased from its record high in 2022 to 71% in 2023, 88% said their companies were maintaining or even increasing investment in Taiwan. When asked about their confidence in the economy over the next three years, 79% expressed at lease some confidence, showing that the global economic headwinds companies are facing are believed to be short term.

Members also reported a decline in satisfaction with the regulatory environment. 46% say that Taiwan’s regulations are not updated in response to changing societal and economic needs, an increase of 11 percentage points from last year’s survey. Also in decline was the believed effectiveness of the Chamber’s White Paper meetings with the National Development Council – only five White Paper issues from 2021-22 were resolved.

Overall, Shih said, the BCS results reflect the consensus among member companies that Taiwan is an overwhelmingly positive environment for multinational companies. Additionally, member companies reported that a bilateral trade agreement with the United States would be of benefit to their organization, and are perhaps encouraged by the ongoing U.S.-Taiwan Initiative on 21st Century Trade talks. As a vital voice for the international business community in Taiwan with a stake in its future prosperity, AmCham is more than willing to aid in fostering and promoting Taiwan’s continued economic growth and deepen its trade relationship with the U.S. We encourage bold action from governments in Taipei and Washington, D.C. to make this a reality.

Answering questions from reporters, Shih noted that AmCham members’ continued investment in Taiwan mirrors record investment figures for 2022 recently released by the Investment Commission. He emphasized that recent heightened geopolitical tensions are not expected to dampen economic prospects, but that companies are being prudent in revising contingency plans.

A luncheon gathering followed the press conference. Following remarks from outgoing AmCham President Andrew Wylegala, Shih again presented the BCS results to an audience of 80 members and their guests. Newly-appointed deputy minister for foreign affairs, Dr. Roy Chun Lee shared some economic outlook predictions with guests, while the event concluded with some questions on the survey results and Dr. Lee’s presentation moderated by AmCham Standing Vice Chairperson Andrea Wu.

The survey report can be viewed and downloaded here.