Taiwan advanced 10 spots to No.16 in the Best Countries for Business list released by U.S.-based magazine Forbes Nov. 14.
The nation’s performance was the third best in Asia, following Hong Kong at No. 3 and Singapore at No. 4.
“Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade,” Forbes said, noting that large state-owned enterprises are beginning to be privatized.
ROC President Ma Ying-jeou has been actively working to improve ties between Taiwan and mainland China since he took office in 2008, the magazine said. The milestone Cross-Straits Economic Cooperation Framework Agreement (ECFA) and the nation’s trade pact talks with Singapore have brought greater opportunities for its economy, the article pointed out.
Exports, especially of electronics, machinery and petrochemical products, are the main engine of Taiwan’s economic development, the story said.
The Forbes list ranked New Zealand No. 1, up one notch from 2011, “thanks to a transparent and stable business climate that encourages entrepreneurship,” while Denmark rose three spots to No. 2 “on the strength of its technology, trade freedom and property rights.”
Taiwan’s main economic competitor South Korea came in at 29th, followed by Japan at No. 30, while mainland China slid 14 notches to No. 96.
Forbes graded 141 nations on 11 metrics: property rights, innovation, taxes, technology, corruption, personal freedom, red tape, investor protection, trade freedom, stock market performance and monetary freedom. It drew on reports from the CIA, Freedom House, Heritage Foundation, Property Rights Alliance, Transparency International, World Bank and World Economic Forum.