Taiwan is on its way to become a Technological hub in East Asia ready to challenge the already huge technological markets of Japan and China. Taiwan has been advancing in the technological sector in the trending markets of IoT (Internet of Things) and smart machine learning interface.
Taiwan has recognized the true potential of the computing sector and has taken steps to fully harvest the potential of the country’s talent to reap maximum benefits to the economy. “There’s no lack of hardware as well as soft talent that these institutions can take advantage of,” says Tony Phoo, an economist at Standard Chartered Bank in Taipei. President Tsai Ing-wen, who took office in May 2016, is advancing plans to develop sectors like the Internet of Things (IoT) and “smart machines,” among other industries. The government aims to open an Asian Silicon Valley business zone by 2023 for IoT development. With huge tech giants like Google, IBM and Microsoft set to hire people from Taiwan for Research and Development of their Artificial Intelligence programs. These tech giants collectively aim to hire approximately 1000 people for their research centres which are being established in Taiwan. Microsoft has it’s $34 million Taiwan R&D centre now in the works, IBM is also developing a research lab for Cloud Computing. “Taiwan has a reasonable cost structure, with reasonable offerings to tech companies in terms of utilities, rentals and labour costs,” says William Foreman, president of the 1,000-member American Chamber of Commerce in Taipei. Government incentives and other support help too.
Taiwan is gaining the advantage of the ongoing trade war between the United States and China, due to which the tech conglomerates are looking for alternative industries with similar labor costs to China which Taiwan has for sure. The government of Taiwan is offering incentives as it’s pushing the cloud computing market to grow as well as the Artificial Intelligence market.