Hong Kong with its policies of no import tariffs and excise duties (except for hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol), made it the most aggressive free trade nation of the four. While its location and connection to China allow companies to have a large market, also susceptible to the political system.
After gaining independence in 1959, Singapore’s economic development combined its previous title of a regional trading epicenter and encouraged foreign investment. Its growth is now shifting from the resources nearby to information and tech companies.
South Korea focuses on promoting foreign investment and helping companies pay for industrial sites. With its location between China and Japan, there are “more than 60 cities with at least one million people in each city”(Velocity Global), which yet again creates large markets. However, there are still complicated visa and immigration systems.
Taiwan initially focused on heavy industries (steel, electronics, and petrochemical). However, after competition with China, Taiwan pushed towards high skill manufacturing. 70% of Taiwan’s exports are intermediate goods and about 94% percent of motherboards and laptops are produced in the nation.
The four Asian Tigers had opened up the East Asian markets to international companies and each nation has its own opportunities and barriers.
“Why the Four Asian Tigers Should Be on Your Radar.” Velocity Global, 14 Oct. 2018, velocityglobal.com/blog/why-four-asian-tigers-should-be-on-your-radar/.
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The story of the tiger nations is interesting. All of the nations had severe events in there history and numerous factors going were against them but they managed to not only prevail but thrive. Do you think this can ever be replicated again with ought war?
ReplyDeleteI think it's very interesting that the four tiger nations all reached high levels of success with such diverse backgrounds and specialties. However, they all focus on globalization and maintaining international markets, which largely contributed to their success.
ReplyDeleteI had never heard about the Tiger Nations before this article. I liked how you individually addressed each wants of each nation and how that interacts with the foreign economies of other countries in Asia and also the US. How does this relate to the US's trade relationship with China?
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