Maroc - TAIWANTODAY.TW - Top News - 01/Mar 00:00

Taiwan ranked 4th in global economic freedom index

President Lai Ching-te met with Edwin Feulner, founder of The Heritage Foundation, March 4 in Taipei City, celebrating Taiwan’s third consecutive year near the top of the global economic freedom index recently released by the Washington, D.C.-based think tank as he pledged to strengthen cooperation with the U.S. across the board.   Taiwan and the U.S. are important economic and trade partners that enjoy close industrial exchanges, Lai said, citing an announcement earlier the same day that Taiwan Semiconductor Manufacturing Co. would be expanding its investment in the U.S. He added that the government is committed to working with democracies around the world to build a more resilient, diversified global semiconductor supply chain.   According to the president, Taiwan is determined to maintain regional peace and stability. Lai expressed appreciation to U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba for releasing a joint statement last month that stresses the importance of the cross-strait status quo, and concluded by saying that the government will prioritize special budget allocations to ensure that defense funding exceeds 3 percent of the gross domestic product.   Feulner presented Lai a copy of the global economic freedom index report and praised the close working relationships between Taiwan and U.S. businesses. According to the report, Taiwan ranked fourth in the world with a score of 79.7 out of 100 and finished second in the Asia-Pacific. It beat out neighbors South Korea, 74; Japan, 70.2; Malaysia, 67.1; and China, 49, with the top three finishers being Singapore, Switzerland and Ireland, in that order.   The Cabinet-level National Development Council said that Taiwan improved in four out of 12 benchmarks used to compile the rankings. The biggest gains were in fiscal health and property rights, while judicial effectiveness saw a 24.3-point increase to 94.4 from 2020 to 2025.   First released in 1995, the annual index includes benchmarks for government size, open markets, regulatory efficiency and rule of law. (YCH-E)   Write to Taiwan Today at ttonline@mofa.gov.tw