Business and Economic Strategies in Taiwan, 1970s to the PresentTaiwan has transformed over the past half century from a poverty-stricken nation to an economically stable country, this which has seriously attracted the attention of some Western developed countries. The country has experienced one of the largest populations living in poverty over the years, but thanks to the hard work of its people as well as the commitment of the government, its economy boasts of being one of the fastest growing the fastest not only in Asia, but also globally. To achieve this economic and trade growth, Taiwan has focused primarily on two sectors: agriculture and industrial growth. It is therefore important to evaluate the strategies adopted by this country to achieve this economic stability and move from a poverty-stricken nation to a modern and growing economy.Economic StrategiesThe strategies adopted by the Taiwan government that have contributed significantly significant to its growth include available labor, resources and creation of an environment conducive to investment. Change light industries to heavy industries. Light industries mainly focus on producing goods for daily use while heavy industries focus on producing exports and long-term products that are beneficial. to the economy (stand 29). After the privatization of some state-owned industries, the private sector moved into the development of heavy chemical industries by slowly increasing the financing available to them while reducing the money allocated to light machinery. This resulted in increased funding for educational institutions to encourage innovation and originality in production (Yusuf and Nabeshima 99). Doors open to investment Only the self-sufficient and self-reliant...... middle of paper ......adopted to maintain stability and social ethics to observe law and order (Ash and Greene 61) . Through legislative governance, investors became free to invest as trade restrictions were removed, propelling foreign exchange earnings to the level of developed countries. Although it encountered some problems during its transition, the investment opportunities it presented helped project economic growth to its current position among the fastest growing economies (Chakrabarti 71). In conclusion, the success of this country was also influenced by the external environment. like inner stability. International communities have created free trade options and it is these options that have contributed to Taiwan's economic growth. National influences include social stability and harmony, education for all, hard work, and stable government..