Premier Lin Chuan directed 19 ministries and agencies to immediately draft key performance indicators for evaluating the effectiveness of New Southbound Policy implementation measures during a Cabinet meeting on the government initiative held Oct. 21 in Taipei City.
Strategies must effectively address the challenges faced by Taiwan companies while advancing sustainable development of the country’s industries, Lin said. As well as strengthening existing relations between Taiwan and its partners, the policy seeks to deliver win-win outcomes and protect the economic activities and investments of the country’s firms, he added.
The policy, a central plank in President Tsai Ing-wen’s national development strategy, aims to create fresh economic impetus and deepen business, cultural, education and trade links between Taiwan and Association of Southeast Asian Nations member states, South Asian countries, Australia and New Zealand. It also helps prepare the country to quickly adjust to changing global conditions and the trend toward regional economic integration exemplified by trade deals like the Trans-Pacific Partnership.
Cabinet spokesman Hsu Kuo-yung said the goals of the people-centric policy include building economic collaboration, conducting talent exchanges, forging regional links and sharing resources.
Under economic collaboration, Hsu said the government will create a dedicated industry collaboration platform for each country covered by the policy. This involves producing risk analysis assessments so as to assist local firms evaluate investment environments.
The government is also prioritizing promotion plans for partner countries based on their individual economic conditions, interest in concluding bilateral investment agreements and willingness to offer favorable market access.
A dedicated credit financing platform for Taiwan firms planning to grow their footprints in the region is being set up by the Financial Supervisory Commission, Hsu said, adding that the FSC will also assist the country’s banks in establishing offshore operations.
Concerning talent cultivation and exchanges, Hsu said the government is proposing a wide-ranging set of complementary measures to support students and second-generation immigrants from Southeast Asia in accessing education and employment opportunities.
Hsu said these include scholarship programs available from the Ministry of Economic Affairs, as well as Ministries of Education and Foreign Affairs. A core component of the policy involves attracting more talents from the region to study and work in Taiwan, he added.
Government ministries and agencies are making headway on implementing measures under the policy. Recent examples include the signing this month of memorandums of understanding on talent recruitment in India by an MOEA delegation and the addition in August of more ASEAN member states to Taiwan’s visa-waiver program by the MOFA. (SFC-E)
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