Taipei, Taiwan News

About Taipei, Taiwan

Taipei is the centre of economic development in Taiwan and is one of the global cities in the production of high technology and its components.

This is part of the Taiwan miracle which has seen dramatic growth in the city following foreign direct investment in the 1960s. Taiwan is now a creditor economy, holding one of the world's largest foreign exchange reserves of more than $500 billion (100 G$) in 1999.

Despite the Asian financial crisis, the economy continues to expand at about 5% per year, with virtually full employment and low inflation.

Taipei have long been the foremost industrial area of Taiwan. Most of the country's important factories producing textiles and wearing apparel are located there. Tourism is also a significant component of the local economy.

Beginning in the 1960s, many older, low wooden buildings in Taipei began to be replaced with high-rise apartment houses and office buildings. 

Among the more notable office buildings was the Taipei 101 (Taipei Financial Center) building which, when its framework was completed in 2003, became the world's tallest building, reaching 508 m.

In the 1960s, foreign investment in Taiwan helped introduce modern, labor-intensive technology to the island, and Taiwan became a major exporter of labor-intensive products.

On July 1, 1970, to further develop Taiwan international trade activities, Taiwan External Trade Development Council (TAITRA) were established as economic growth was accelerating. The Taipei World Trade Center was completed in 1985.

In the 1980s, production in Taiwan shifted toward increasingly sophisticated, capital-intensive and technology-intensive products for export and toward developing the service sector.

At the same time, the appreciation of the New Taiwan dollar (TWD), rising labor costs, and increasing environmental consciousness in Taiwan caused many labor-intensive industries, such as shoe manufacturing, to move to mainland China. Taiwan has also invested heavily in mainland China estimated to total more than $100 billion.

However the Taiwan External Trade Development Council (TAITRA), was established in 1986 to provide a single, modern venue that would combine exhibition space, conference facilities, offices, and hotel accommodation for international business.

Its located in the city's Xinyi District, TWTC combines every possible service that brings together a vast consulting service on trade-related issues, trading partners, suppliers, and markets. The International Trade Building was completed in 1988 and the International Convention Center completed in 1989.

Other Major Cities:

• Kaohsiung
• Taichung
• Tainan
• Panchiao
• Chunghe
• Hsinchu
• Hsinchuang
• Taoyuan
• Chilung
• Sanchung
• Chungli