Taiwan small and medium enterprises see steady growth

Number of business owners and employment in Taiwan reaches record high

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SMEA Deputy Director-General Betty Hu (Facebook photo)

SMEA Deputy Director-General Betty Hu (Facebook photo)

TAIPEI (Taiwan News) – In a document disclosed by the Ministry of Economic Affairs on Tuesday (Nov. 5), small and medium enterprises in Taiwan are said to have shown steady growth in 2019, while employment is up and the number of businesses is at its highest level for the past four years.

According to the "2019 Small and Medium Enterprise White Book," small- and medium-sized companies accounted for 97.64 percent of the total number of enterprises in Taiwan at the end of 2018. They are also responsible for 78 percent of the total employed population in Taiwan, which marks the highest since 2014.

Betty Hu (胡貝蒂), Deputy Director-General of the Small and Medium Enterprise Administration (SMEA), said the development of artificial intelligence (AI) and Internet of Things (IoT) in Taiwan requires technical assistance from small and medium enterprises. Hu also emphasized the steady growth of small- and medium-sized businesses is key to Taiwan’s economic advancement, reported UDN.

The Ministry of Economic Affairs pointed out the global economy has followed a slower trend this year, but Taiwan has benefited from the return of Taiwanese businesses due to the US-China trade war. The ministry also plans on utilizing the "Startup Terrace," an international entrepreneurs' village in Linkou District of New Taipei City, to boost business collaborations and encourage new entrepreneurs, according to CNYes News.