Taiwan ranked 2nd in Asian Competitiveness Report by Boao Forum Asia

The forum assesses the competitive edge of 37 Asian economies

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Taipei 101 (Photo/Taipei City Government)

Taipei 101 (Photo/Taipei City Government)

TAIPEI (Taiwan News) – Taiwan snatched the second place in an annual report evaluating the competitiveness of Asian economies, released at the annual conference for the Boao Forum for Asia (BFA), which opens on March 26 in China's Hainan Province.

Now in its ninth year, the Asian Competitiveness Report gauges how 37 Asian economies fared in the preceding year from five perspectives, which are overall economic momentum, administrative efficiency in business, social development levels, infrastructure, human capital, and innovative ability.

According to the 2019 index, the countries and areas making to the top five are South Korea, Taiwan, Singapore, Hong Kong, and Japan. Israel, Australia, New Zealand, China, and the United Arab Emirates are ranked 6th to 10th respectively, writes UDN.

Taiwan is considered to have a competitive advantage in high-tech innovation and product export, though still falling behind South Korea. Nevertheless, the country has implemented efforts to improve the business environment, with its administrative efficiency performance climbing up five slots, the report noted.

Boao Forum Asia is conducted every year to bring together leaders from government, business and academia in Asia and other continents, providing a platform for them to share their insights on issues in the region and the world. This year BAF has published four reports, on topics spanning Asian Competitiveness, Asian Economic Integration, Development of Emerging Economies, and Asian Financial Development.