The nation would continue to collaborate with the US and other countries in the Indo-Pacific region on economic and trade issues in the post-COVID-19 pandemic era, President Tsai Ing-wen (蔡英文) said yesterday.
Tsai made the remarks in a prerecorded video at a business forum in Taipei organized by the Commercial Times, which is part of the China Times Group.
The government remains committed to deepening its cooperation with the US and Indo-Pacific partners to expand Taiwan’s economic and trade links, she said.
Photo courtesy of the Presidential Office via CNA
Tsai cited as an example the Taiwan-US Initiative on 21st-Century Trade launched last month to develop concrete ways to deepen economic and trade ties.
Under the initiative, Taipei and Washington are to negotiate on 11 areas including trade facilitation, regulatory practices, agriculture and anti-corruption measures. It was unveiled after Taiwan was excluded from the Indo-Pacific Economic Framework, a multilateral partnership led by the US and against China’s growing economic and political influence in the region.
Tsai yesterday said the government’s New Southbound Policy has since its launch in 2016 bolstered the nation’s trade and investment ties with 16 countries in Southeast and South Asia, as well as Australia and New Zealand.
Taiwan’s trade with policy partners reached a record US$149 billion last month, showing that trade ties had not been heavily affected by the pandemic, Tsai said.
Taiwan has signed new versions of bilateral investment agreements with the Philippines, Vietnam and India to provide better protection for Taiwanese investors there, she said.
The government would continue to help Taiwanese firms operating in policy countries cultivate talent and implement industrial upgrade to boost and safeguard their investments in the region, Tsai said.
The one-day forum was attended by government officials, heads of foreign missions, business representatives, and experts who discussed opportunities and challenges facing Taiwanese businesspeople in Southeast Asia.
Addressing the forum, Vice Premier Shen Jong-chin (沈榮津) said that American Institute in Taiwan Director Sandra Oudkirk has lauded the policy for reflecting the US’ Indo-Pacific strategy, and the values shared by Taiwan and its other allies in the region.
South Korea’s New Southern Policy, India’s Look East Policy, and the EU’s Strategy for Cooperation in the Indo-Pacific show that these countries acknowledge the importance of building rapport with ASEAN members to promote cooperation, he said.
Amid a US-China trade dispute and supply chain problems caused by the COVID-19 pandemic, Taiwanese companies have continued to increase their production capacity in ASEAN states, which has doubled since 2018 and accounts for 3.2 percent of their total overseas production, Shen said.
Taiwanese technology companies have tapped into the ASEAN market, which has caused demand to surge for semiconductors, smartphones and laptop computers, he said.
Taiwan’s exports to ASEAN countries last year rose 32 percent annually to a record US$70.2 billion, he added.
Exports to ASEAN members in the first five months of this year rose 23.4 percent year-on-year to a record US$34.2 billion, Shen said.
Citing a report published by the Commercial Times, he said the combined revenue of the top 1,000 Taiwanese companies operating in ASEAN last year rose for the fifth consecutive year to more than NT$6.1 trillion (US$204 billion), with Singapore, Vietnam and the Philippines the most profitable markets.
Minister of Economic Affairs Wang Mei-hua (王美花) and Minister of Finance Su Jain-rong (蘇建榮) also attended the forum.
Wang said that many officials from ASEAN members have expressed a desire to visit Taiwan as the pandemic eases, adding that the Ministry of Economic Affairs would do its utmost to arrange such visits.
Citing meetings with Taiwanese companies, Wang said that many have expressed concern over a shortage of workers in the electronics, and information and communication technology sectors.
To address the issue, the ministry has set in motion plans to conduct more people-to-people exchanges and train workers from ASEAN members, she said.
The Ministry of Finance would look at ways to best support Taiwanese companies looking to grow their business in countries targeted by the New Southbound Policy through tax breaks and other financial policies, for example by encouraging state-owned banks to open branches there, Su said.
State-run banks have 78 branches in policy countries, he said, adding that they have provided Taiwanese companies with more than NT$700 billion in loans.
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