Taiwan’s increasingly diverse and favourable business ecosystem enables Taiwanese companies to stake out opportunities for growth and expansion across ASEAN.
Taiwan’s New Southbound Policy has been crucial to accelerating the growth and scalability of Taiwanese companies, enabling opportunities within one of the rapidly growing regions, the Association of Southeast Asian Nations (ASEAN). A recent report released by AIBP studied the market disruption and current trends in ASEAN in correlation with a growing number of Taiwanese businesses flocking to the region for growth and expansion. In 2021 alone, Taiwan invested US$5.3 billion in ASEAN, and from January to October, contributed to 38.7% of the region’s total overseas investments.
Current market trends in ASEAN are pivoted towards facilitating customer-driven and hyper-personalisation solutions, alongside data-enabled optimisation. This attractive marketplace has appealed to many business operators in Taiwan, and has prompted their growth in alignment with these regional trends.
During the global pandemic, ASEAN consumers demonstrated a significant shift in priorities, pushing businesses to adapt to the growing demand for innovation in the health, security, and mobility sectors. According to an Asia Pacific 2021 survey by Ernst & Young, health has been a key area of concern for consumers, with 85% of respondents expressing it as their primary focus.
Observing the recent trends and increasing expenditure in health and wellness, many businesses have emerged to offer solutions. Amongst those names is Taiwan-based, ible Technology Inc., which developed a wearable air purifier for their customers to travel carefree of their surroundings.
Furthermore, technology has been at the forefront of innovation and growth in the region. According to the AIBP ASEAN Enterprise Innovation Survey 2021/22, enterprises in ASEAN have shown a significant shift in their attitude toward emerging technologies, with up to 62.8% of those companies recognising business intelligence platforms as a necessary digital transformation investment that will yield profits and greater benefits in the long run.
Moreover, growing digitalisation and automation in business operations were regarded as the top digital transformation focus of ASEAN organisations. In accordance with this, numerous companies have invested to formulate tech-enabled solutions to ease the process of optimisation.
Another emerging Taiwanese company, AAEON, has created a smart manufacturing solution, AI Edge Server, to aid with the process and operations of machine manufacturers in the semiconductor industry, committed to designing products to account for end-user needs.