Taiwan’s exports to the 18 countries covered under the government’s New Southbound Policy recently hit a record high, reflecting the effectiveness of the diversification strategy in the five years since its launch, according to the Cabinet-level Office of Trade Negotiations.
Exports to NSP target countries grew 35.2 percent to US$82.58 billion in 2021, up from US$63.31 billion in 2019, the OTN said. Integrated circuits were the leading export, comprising nearly 40 percent of all outgoing shipments to the region, followed by ICT products and components as well as semiconductor devices and manufacturing equipment, the OTN added.
Further statistics released by the OTN revealed inbound investment climbed 162.32 percent year on year to US$1 billion, while Taiwan investment in the region surged 105.97 percent to US$5.82 billion.
Amid accelerated restructuring of global supply chains due to the pandemic, increased investment in and from NSP target countries will help diversify Taiwan’s logistics networks, the OTN said, adding it will continue to promote the NSP to expand economic and trade relations and further boost regional prosperity and stability.
A key plank in the government’s national development strategy, the NSP seeks to deepen the country’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
(DL-E)
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