Taiwan’s investments in countries under the government’s New Southbound Policy surpassed investments in China in the first half of this year, Deputy Minister of Economic Affairs Chen Chern-chyi (陳正祺) said on Tuesday.
Taiwan’s investments in the 18 countries covered by the policy totaled US$2.126 billion in the first six months of this year, compared with US$1.9 billion invested in China, Chen told the Taiwan-ASEAN-India Strategic Investment Partnership Forum in Taipei.
The New Southbound Policy is designed to enhance trade and exchanges between Taiwan and 18 countries: Australia, Bangladesh, Bhutan, Brunei, Cambodia, India, Indonesia, Laos, Malaysia, Myanmar, Nepal, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam.
Photo: Tu Chien-jung, Taipei Time
The policy echoes an international trend by reducing economic dependence on a single market, Chen said, apparently referring to China.
It reinforces economic ties with ASEAN and many others, he said.
The New Southbound Policy has bolstered Taiwan’s economic resilience, he said.
Last year, Taiwan’s investments in the 18 countries under the policy rose 121.41 percent from a year earlier to US$5.3 billion, Chen said, adding that many Taiwanese electronics companies have built clusters in ASEAN.
Taiwanese tech heavyweights such as iPhone assembler Hon Hai Precision Industry Co (鴻海), and contract electronics makers Wistron Corp (緯創), Quanta Computer Inc (廣達), Pegatron Corp (和碩), Compal Electronics Inc (仁寶) and Inventec Corp (英業達) have set up production sites in Vietnam, he said.
In Thailand, Taiwanese firms including Apex International Co (泰鼎) and Taiflex Scientific Co (台虹), have built a printed circuit board cluster, while Indonesia has attracted footwear makers Pou Chen Corp (寶成) and Feng Tay Enterprises Co (豐泰), as well as Eclat Textile Co (儒鴻), Chen said.
To meet carbon emissions reduction goals, Taiwanese investors such as Hon Hai and power management solution provider Delta Electronics Inc (台達電) have invested in emerging businesses in Thailand, Indonesia and India, including energy storage solution providers and electric vehicle manufacturers, he said.
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