Taiwan unveils promotion plan for New Southbound Policy to diversify trade

TAIPEI – Taiwan’s Executive Yuan has announced its promotion plan for the New Southbound Policy, which seeks to strengthen economic ties between Taiwan and diversify trade across 18 countries -10 members of ASEAN, six ASEAN States, Australia and New Zealand.

Kao Shien-quey, deputy minister of the Cabinet-level National Development Council, said the promotion plan will take a four-pronged approach. “Taiwan’s industrial development efforts in five major high-tech areas, ranging from biotechnology to green energy, will be introduced to countries interested in these fields,” she said.
To foster talent exchange, Kao said the Ministry of Education would offer additional scholarships to foreign nationals from the region. Currently, around 28,000 students of Southeast Asian descent are studying in Taiwan colleges and universities. The MOE expects that number to double by 2019.
In terms of resources sharing, the promotion plan is designed to boost bilateral and multilateral co-operation in medical care, culture, tourism, agriculture, technology, and small and medium-sized enterprises.
The promotion plan involves 16 Cabinet-level Government bodies. Deng said a trade office under the Executive Yuan will be established to co-ordinate and negotiate with foreign governments.
According to Taiwan’s Ministry of Economic Affairs, more than 11,000 Taiwan firms have already invested upwards of US$88 billion across the region.  www.taiwantoday.tw (ATI).