The COVID-19 Pandemic has impacted the global economy by disrupting the supply chain while freezing the market demand. Taiwan, as a global technology hub, is simultaneously transforming and upgrading its technology industry to adjust to the changes, aiming to work hand in hand with the international community amid and post COVID-19.
According to Gartner, the global semiconductor industry has been significantly affected by COVID-19. The industry’s projected growth rate is expected to change from an increase of 12.5% to a -0.9% this year. While most countries are taking various measures to prevent the spread of the outbreak, the impact unfortunately has taken farther than expected.
With the country’s biggest export and investment market being China, major suppliers for raw materials and key components being Japan and Korea, and largest consumer markets being the US, EU and Southeast Asia, Taiwan’s technology sectors including semiconductor, ICT and TFT LCD panels were significantly affected by COVID-19.
If there is not a second wave of the coronavirus, analysists predict that the global market will gradually recover steadily through the second half of this year, but for the economy to fully recover, the world will have to wait for the arrival of a vaccine.
Meanwhile, there is an emerging trend in working from home, and demands for technology applications are rising from the contactless economy. Taiwan is actively developing and advancing the related technologies to meet the rapid rise in demands in areas such as remote conferences, on-line education, telemedicine, digital solutions for automation, data analysis, cloud & routers, and e-commerce.
TAITRA will continue to organize a series of online marketing events, including variety of virtual exhibitions on Taiwantrade.com, Taiwan’s leading B2B website. Global businesses will be invited to participate in online procurement meetings, new product launch presentations, and webinars featuring major industry players sharing the latest trends in a variety of technology applications.
***TAITRA, your reliable partner for doing business with Taiwan, has a global network of 63 branch offices dedicated to helping you connect with quality Taiwan partners, suppliers, products, and services. Contact an office near you: https://lnkd.in/eRfrjzb
*** TAITRONICS & AIoT Taiwan- a complete set of tradeshows to showcase the latest AI and the IoT applications for businesses, featuring complete ecosystem that include key components, system integration, security and smart solutions for businesses in a contactless economy. See more at: https://www.taitronics.tw
Wayne Lin (firstname.lastname@example.org)