The 18 nations targeted by the government’s New Southbound Policy between January and last month invested US$230 million in Taiwan, a 22.85 percent increase from last year, statistics released by the Executive Yuan’s Office of Trade Negotiations showed.
The nations made 462 investments during the period and accounted for NT$42.66 million in additional revenue for local businesses compared with the same period last year, the data showed.
The policy covers the 10 ASEAN member states, as well as India, Pakistan, Bangladesh, Sri Lanka, Nepal, the Kingdom of Bhutan, New Zealand and Australia.
By investment amount, Singapore ranked first in the 10-month period with US$122.99 million, followed by Malaysia, which invested US$70.65 million and Australia, with US$28.26 million.
From May last year — when President Tsai Ing-wen’s (蔡英文) administration took office — to August this year, the countries made 681 investments totaling US$330 million.
Within this group, Singapore’s economic power makes it the most capable of making foreign investments, said a senior Executive Yuan official, who spoke on condition of anonymity.
Singapore has not only invested in Taiwan, but also in China, the official said, adding that Singapore treats foreign investment as a way to keep its economy robust.
Malaysia, which made the greatest leap in investment, is also in a favorable position to invest overseas, the official said, adding that it has well-developed information technology and e-commerce sectors, which complement Taiwan’s industries, the official said.
India ranked second in terms of investment growth at 67 percent, followed by Cambodia, at 63 percent, Indonesia at 48 percent and Singapore, which invested 39 percent more, the statistics showed.
Myanmar and Pakistan reduced their investment the most, investing just US$15,000 and US$61,000 in Taiwan respectively, about half the amount they invested during the same period last year.
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