Sri Lanka should invest more on R&D technology - Taiwan Foreign Affairs chief | Sunday Observer

Sri Lanka should invest more on R&D technology - Taiwan Foreign Affairs chief

23 October, 2022
Jaushieh Joseph Wu 
Jaushieh Joseph Wu 

TAIPE: Taiwan is making huge investments locally and overseas to make the country a technology hub and Sri Lanka too should increase investments in  R&D in technology, said Head of Foreign Affairs of Taiwan, Jaushieh Joseph Wu.

“We have several countries investing in Taiwan due to our friendly investment climate and several local companies and the Government too have invested in this sector. The Taiwan administration has also invested heavily in this segment and has built and manages four huge IT parks to facilitate global investments,” he said. Joseph Wu recalled that in the 1960s Taiwan was a very poor country and it was the investments that they made towards technology that changed the economic landscape of the country.

“Today Taiwan accounts for over 8% of global electronics and computer production. The sector’s share of GDP amounts to 17% and to 50% of manufacturing. The island is one of the largest semiconductor manufacturing bases in the world and is leading in the production of the most advanced chips.

Electronic components and ICT products account for 53% of Taiwan’s total exports and 31% of imports. The increased use of 5G has helped Taiwan companies digitise their operations and allowed them to shift their focus to building their technological strength and make use of cloud services and big data.

“Sri Lanka is 1.8 times bigger than Taiwan and the island nation should try to take a leaf from the techno development of Taiwan and take steps towards investing more in this segment to increase export revenue,” Wu said.

Many Taiwan companies provide Original Design Manufacturing services to US ICT suppliers. Others have established strong supply chains that use US suppliers as intermediaries, allowing their businesses to expand beyond Taiwan to the US and other countries.