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Over the past five decades, a Taiwanese economics has undergone major transformation, during which there was an increase in the share of industry on GDP from 18% in 1952 up to 47.1% in 1986, when it reached a peak.

Taiwan currently has a dynamic economic system with gradually reducing government interventions in investment and foreign trade. This is reflected in the past privatizations of several large state-owned banks and industrial companies. The export is dominated by engineering, electro-technical industries and information technologies that have the greatest share on 70% growth in the export and the overall economic growth.

The main industries in Taiwan are mainly information technology, semiconductors, flat panel display manufacturing, communications, textiles, oil chemistry, vehicle manufacturing, biotechnology and pharmaceutical industries. Since 2005, the People's Republic of China took over the role of the largest market for Taiwanese products after the United States.

Thanks to the pro-export economy, the products are usually certified for sale in the EU. Taiwanese economy is also characterized by a developed network of small and medium-sized enterprises which are able to respond flexibly to requirements of business partners.

source:CIA The World Factbook
Ministry of Foreign Affairs of the Czech Republic

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