TAIPEI (Taiwan News) — Taiwanese electronic manufacturing service (EMS) provider Kinpo Electronics Inc. (金寶電) predicted Monday (June 22) that the nation will see positive economic growth despite the impact of the coronavirus pandemic on the global market.
During a shareholders' meeting in New Taipei City, Kinpo Chairman Rock Hsu (許勝雄) highlighted Taiwan's manufacturing strengths and said it would secure its place in the ongoing technology war. He stated that domestic companies have been relied on heavily by foreign corporations and expressed confidence that they can satisfy international buyers.
Hsu mentioned that while the International Monetary Fund's (IMF) 2020 forecast for economic growth worldwide is rather pessimistic, it allows Taiwan, a country that has successfully contained the spread of the coronavirus, an opportunity to showcase its capabilities. He referred to 2020 as "a year for manufacturers."
Hsu noted that Kinpo has been exploring overseas markets since 1988 and has established 26 factories in eight different countries. He also said the company is in the process of setting up the world's largest printer factory in the Chinese city of Yueyang, reported Liberty Times.
Hsu estimated Taiwan's GDP growth this year to fall somewhere between 1.52 and 1.67 percent, saying he would attribute such a performance to Taiwanese tech companies' relocation from China to their home bases. He predicted that the return of local businesses and new investment programs from the government will guarantee that the country's economic momentum continues to grow steadily, reported ETtoday.