Taiwan yesterday renewed a bilateral investment agreement with the Philippines as part of the government’s efforts to protect the interests of Taiwanese firms in that nation, the Ministry of Economic Affairs said.
The Philippines is the first of the nations targeted by the government’s New Southbound Policy to renew its investment agreement with Taiwan, the ministry said in a statement.
INSPIRATION
“It is a milestone for Taiwan. We hope the achievement with the Philippines will inspire other Southeast Asian countries to renew their investment agreements with Taiwan,” Vice Minister of Economic Affairs Wang Mei-hua (王美花), who participated the agreement renewal in Manila, said by telephone.
OTHER TALKS
Wang said Taiwan is in talks with three other nations on agreement renewals.
The original agreement with Manila was inked in 1992.
The renewed pact covers not only the manufacturing sector, but also investments in financial derivatives, public infrastructure projects and intellectual property rights, Wang said.
SAFEGUARDS
The revised agreement also provides a government-level dispute settlement mechanism to safeguard the interests of investors, she said.
Taiwan signed six memorandum of understanding with Manila, including ones on collaborating on “green” energy industry development, supervisory measures for the insurance industry and professional training, the ministry said.
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