Inbound investment from countries targeted by Taiwan’s New Southbound Policy grew 61.6 percent to US$381 million in the four years since its launch, according to the latest statistics released by the Bureau of Foreign Trade under the Ministry of Economic Affairs March 4.
In a statement, the BOFT welcomed the investment growth and looked forward to further strengthening of mutually beneficial trade relations. The change reflects years of work by the government and Taiwan businesses in developing industrial supply chains throughout South and Southeast Asia, it added.
A key plank in the government’s national development strategy, the NSP seeks to deepen the country’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
Further statistics released by the BOFT revealed that trade with NSP target countries climbed 3.7 percent from NT$ 3.09 trillion (US$110 billion) in 2016 to NT$3.2 trillion in 2020, while Taiwan investment in the region surged 18.8 percent to US$2.83 billion.
As trade friction between China and the U.S. persists alongside the COVID-19 pandemic, increased investment in and from NSP target countries will help diversify Taiwan’s supply chains, the BOFT said, adding it will continue to promote the NSP to expand economic and trade relations as well as further regional prosperity and stability. (DL-E)
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