TAIPEI (Taiwan News) — Taiwan was ranked No. 20 out of 63 countries in the latest talent competitiveness list published by the IMD Business School in Switzerland Tuesday (Nov. 17).

The nation also ranked third in Asia on the list, with Singapore at No. 9 and Hong Kong at No. 14. South Korea followed at No. 31, Japan at No. 38, and China at No. 40, CNA reported.

Small European countries occupied the top three spots, with IMD host Switzerland coming in at No.1 for the fourth year running, ahead of Denmark and Luxembourg.

The National Development Council (NDC) pointed out that Taiwan’s ranking, which is the same as last year, is the best since 2013. For one of the factors contributing to the rankings — attracting and retaining talents — Taiwan jumped 14 spots to No. 34 based on government measures to attract foreign professionals, the NDC said.

However, Taiwan’s performance slipped compared to the previous year in the areas of investment and development as well as readiness. This might have been the result of other countries improving their level of education, according to the NDC.

Government plans to focus on science, technology, engineering, and mathematics (STEM) education as well as the foundation of a semiconductor institute might redress the situation, NDC officials said.