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Taiwan: setting the bar high

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by RBC Emerging Markets Equity team, W.McBean, G.Giammattei Apr 3, 2024

Arriving back in Taiwan after several years, the contrast between the present day and the past is a curious one. The country is renowned for its manufacturing capabilities and digital innovation, yet many of the buildings and architecture are steeped in history.

We immersed ourselves in Taipei, and in our piece we share our discoveries:

  • Urban development: many of the companies we met with are moving to sleek new headquarters in Taipei, the country’s capital and main business, financial, and technological hub. ‘Modernisation’ is the prevailing theme, with state-of-the-art residential and office buildings, commercial centres, and recreational parks popping up across the city.

  • Global supply chains: over the last decade, Taiwan has become an integral part of global supply chains, and companies are feeling the pressure from customers with regard to geopolitical and reputational (as they pertain to ESG) risks. Balancing the demands of stakeholders, in the form of investors and customers, can be challenging.

  • Taiwan’s tech cycle: despite the strong structural forces that are likely to support its growth in the long run, the IT sector will remain cyclical, with peaks and troughs caused by inventory adjustments, demand, valuations, and investor positioning. Discussions with CEOs reinforced our conviction that this cycle seems extended and may not be too far from its peak.

Our overarching feeling from our trip was that Taiwan will be able to maintain its competitive position in global supply chains. It is a major beneficiary of the digitalisation and AI themes, being home to a large part of the tech value chain, and therefore its position in technology supply chains is particularly strong.

We look forward to our next visit and seeing how Taiwan continues to evolve.

Additional Resources:
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