TAIPEI (Taiwan News) — Taiwan was ranked third in Asia and 20th in the world this year for talent competitiveness by the Swiss business management school, the Institute for Management Development (IMD).
In IMD's World Talent Ranking, Taiwan kept its spot as third in East Asia, trailing only Singapore and Hong Kong, which came in eighth and 16th, respectively. Taiwan ranked higher than regional rivals Malaysia, South Korea, China, and Japan, which lagged behind in 33rd, 34th, 41st, and 43rd.
Internationally, Taiwan dropped from 19th to 20th out of 64 major countries in the world with a score of 70.32 out of 100. This marked a decline of one spot from its ranking of 19th last year and marked a return to its ranking in 2020.
In the three categories of "Investment and Development," "Appeal," and "Readiness," Taiwan ranked 23rd, 21st, and 19th, respectively. In the Appeal category, Taiwan improved from 25th to 21st place in 2023.
As to the degree to which a country attracts and retains local talent, Taiwan ranked especially high for "worker motivation" at fourth in the world. It also ranked relatively higher for "collected personal income tax" at 15th.
In the category of Investment and Development, Taiwan maintained its ranking from 2022. However, in the category of Readiness, which rates the "quality of the skills and competencies available in a country," Taiwan fell eight spots from last year.
Taiwan dropped 13 places in "labor force growth" and "international experience," and 10 spots in "skilled labor" and "language skills." It also declined eight spots in "primary and secondary education" and six spots in "university education" and "finance skills."
The National Development Council on Friday (Sept. 22) said "there is still room for improvement" in Taiwan's talent readiness. It added the government is not only promoting the 2030 bilingual policy but also connecting resources from industry, government, and academia.
The council said the government is establishing national research institutes in key areas and creating regional technology incubation centers, among other measures. These efforts aim to align with industry development trends, cultivate local talent to compete with the international community, and enhance competitiveness.
The NDC also noted that in the face of the restructuring of the global supply chain and global economic slowdown, as well as inflationary pressures, Taiwan's talent ranking has seen a "slight decline." However, it said the government is promoting six core strategic industries to drive digital transformation and industrial upgrading.
Simultaneously, through the "Key Talent Cultivation and Recruitment Program," it is expanding both the quality and quantity of domestic and foreign talent. The government is also promoting "strengthened population and immigration policies" to attract and retain foreign professional talent, expand the recruitment and retention of overseas students, and retain foreign technical manpower.
The NDC said the goal of these policies is for Taiwan to establish a stable presence in the new economic era and maintain its global significance.