With a strong foothold in innovation, Taiwan can serve as the Philippines’ role model in information and communications technology (ICT). For almost three decades, the former has been highly regarded as a vital player in the global information technology (IT) supply chain.
Taiwan has been a significant partner for many international brands including Apple, Google and Microsoft. Therefore, the ICT sector has become a huge source of pride for the country.
Taiwanese companies hold significant market shares in semiconductors, PCs, mobile devices, broadband appliances and display products and technologies. Taiwan is the world’s largest supplier of these products, collectively contributing to over 16 percent of its total GDP.
With the rise of artificial intelligence (AI) and internet of things (IoT), Taiwan is shifting from an economy based on high-tech manufacturing to an economy driven by intellectual property and innovation. Its high-tech competitiveness includes top talent, a well-developed industrial chain, and a formidable entrepreneurial spirit and these elements combined enable the country’s ICT industry to leverage today’s trends and pave the way for the technology of the future.
Sharing expertise to Philippine enterprise
Organized by the Bureau of Foreign Trade (BOFT) and the Taiwan External Trade Development Council (TAITRA), the Taiwan Excellence experience will provide businesses ranging from small to large from the Philippines a platform to offer the latest IoT innovations directly from leading Taiwanese IoT solutions providers. This is a great opportunity to consider how these solutions can enhance one’s own business offering.
There are five participating companies in this year’s Asia IoT Business Platform (AIBP) held at the Marriott Hotel in Manila, Philippines. These are best practice awardee for manufacturing quality Accton Technology Corp., leading industrial SSDs, digital consumer products and memory modules producer Apacer Technology Inc., award-winning education and communication innovator Aver Information, industrial automation technology innovator and enhancer ICP DAS and leading industrial computer provider IEI Integration Corp.
Taiwan Excellence is confident in the Philippines’ ability to progress in ICT as indicated by its IT sector’s steady spending. Wen-Chung Chang, the director of the Economic Division, Taipei Economic and Cultural Office in the Philippines, stated, “We see progress in the Philippines’ ICT sector and Taiwan will be happy to contribute to this growth and help Filipino enterprises further succeed in their operations.”
By leveraging the immense momentum of many markets at present, Taiwan is determined to advocate for innovation, improve employment and income distribution and to create more balanced regional development. According to Swiss-based International Institute for Management Development, the country moves up to 16th in global competitiveness, a notch higher from the previous year’s ranking.
Furthermore, Taiwan has steadily maintained its place as the fourth most competitive economy in Asia as declared in the 2019 IMD World Competitiveness Ranking. With many software and hardware engineers and technological centers and innovation clusters growing organically throughout major Taiwanese cities, the country is on its way to becoming a major startup hub in Asia, and even internationally.
The potential economic impact of IoT in the short term
The potential global economic impact of IoT is substantial. Citing a research report by McKinsey & Company’s Global Institute, Taiwan Excellence said the estimate could range to $3.9 trillion to $11 trillion a year by 2025.
McKinsey has continued a significant expansion In Taiwan with the recently launched regional industrial IoT hub in Taipei due to its rapid growth in the past 18 months. Factories could be the strongest driving force behind IoT’s generated value, followed by cities and health.