Pandemic Response:
In recent months, The Central Bank of the Republic of China (Taiwan) reduced its discount rate by 25 basis points to 1.125%. This is the lowest on record and is targeted to ease the burden of COVID-19 on the Taiwanese economy. The Central Bank has also introduced a 200 billion TWD (or $6.6 billion) lending pool for small and medium sized enterprises for six months. Through good policy restructuring, Taiwan is the only country experiencing growth in the world. Based on a study on September 24, 2020 by the journal Brookings Papers on Economic Activity (BPEA), Taiwan experienced a positive GDP growth since the start of 2020, while experiencing only seven deaths due to coronavirus. Their export orders have risen more than 2% compared to last year and the increase in orders for Taiwanese high-tech devices has helped offset challenges posed by COVID-19.
The continuing diversification strategy adopted by Taiwanese business in China has helped in being a major factor in the economic sustainability of the country. This trend started before the pandemic in 2010 where there has since been an incremental decrease of foreign direct investment from Taiwan to China. Several factors have contributed to this including rising labor wages and stricter environmental regulations in China. Furthermore, the US-China trade deal has decreased Taiwanese exports to China by 8% in 2019, while increasing to US by 18%. To lessen the uncertainties for Taiwanese companies, the Tsai administration introduced a “New Southbound Policy” (NSP) four years ago as a guideline for diversifying Taiwan’s overseas investment to other neighboring countries. The NSP also targeted areas of tourism, education exchanges, medical and health training, as well as natural disaster and disease prevention.
Now as a result of proper market and economic preparation for the impacts of COVID-19, Taiwan’s exports to China have increased 10.3% in 2020 due to China’s reopening in areas especially in the high-tech sector. Taiwan has already engaged in free trade agreements with Singapore and New Zealand, and has upgraded its investment protection agreements with India, Thailand, and the Philippines. They have opened discussions for increasing bilateral trade deals with Japan and have set the goal of participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which would offer more opportunities for Taiwan to deepen its economic ties with the Oceanic region.
Our Opinion
Although times are challenging, we believe that with the strength of the Taiwanese dollar, a prominent and growing 2020 GDP, increased exports and trade, and the demand for high-tech are all factors that drive investment opportunities upward. Taiwan is leading the strength for recovery in the Oceanic/Asian market and is becoming a pioneer for developing nations. In terms of sectors within the Taiwanese Stock Exchange that are exciting, technology and manufacturing are areas of interest within our fund. They are showing high growth opportunities and a high return on investment. Although these funds took a dip during the initial period of COVID-19, they have recovered effectively due to Taiwan’s strong economic conditions. While these funds have recovered, they are still below their promising level and we believe as a fund that they are currently undervalued. With current trade agreements in place and future opportunities for Taiwan to be introduced on an international field, high-tech and manufacturing will continue to be in demand. Taiwan is at the fore-front for providing these two demands and we anticipate advantages in the Taiwanese market with low corporate taxes on international companies and the demand to increase the skills in the labor force. Overall, we believe there are quality investments in Taiwan with the prospering economy and strong future growth.
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