Source: Taiwantrade | Updated: 20 January 2011
He pointed out a global economic recovery that began in the second half of 2009 has lost steam since the third quarter of 2010. At the same time, emerging markets like China and India have grown by a bigger margin than developed nations such as the United States, Japan and countries in Europe.
According to Chuo, Taiwan's economy will benefit from several things this year, including the signing of the cross-strait economic cooperation framework agreement (ECFA) and China's new national development plan.
"This will be a year of prosperity, thanks to ECFA," he said.
He pointed out the Bureau of Foreign Trade will target 11 major markets this year that Taiwan can thrive in. The 11 are: China (including Hong Kong), Japan, South Korea, Vietnam, Indonesia, India, Russia, Turkey, the Middle East, South Africa and Brazil.
He further noted Taiwan's total trade in 2010 had exceeded US$500 billion to reach US$526.04 billion, and exports and imports had reached US$274.64 billion and US$251.4 billion, respectively, both record-breaking.
Despite the fact the recovery has grown somewhat tepid, Taiwan is still looking to achieve an export growth of 10 percent from last year, he said.
Meanwhile, Taiwan's growth from 2012 to 2015 will be the highest among the Asian Four Little Dragons -- the other three being Hong Kong, South Korea and Singapore -- due to the positive effects of ECFA, Chuo said, citing data from the International Monetary Fund.