Taiwan, also known as Formosa, is an island located in the middle of the West Pacific coast and East Asia. The country has an area of 36,193 km2 and a population of 23 million. In 2012, total nominal GDP was US$ 475.259 billion, and GDP per capita was US$ 20,403. Table 18.1 shows that Taiwan is ranked among the top countries in the world for competitiveness. According to the World Competitiveness Yearbook published by IMD (Institute for Management Development; www.imd. org/), its overall performance rankings ranged from sixth to eleventh during 2010-2013.