Taiwan’s investments in countries included in the government’s New Southbound Policy (NSP) surged more than 90 percent in the first quarter of this year compared with the same period last year, the Executive Yuan’s Office of Trade Negotiations said on Saturday.
At a time when Taiwan has intensified its efforts to improve economic ties with countries included in the policy, investments made by Taiwanese investors to 80 projects in 18 countries reached about US$2.72 billion in the January-to-March period, up 92.1 percent from a year earlier, data from the office showed.
Singapore, Vietnam and Thailand were the recipients of most investment from Taiwan in the three-month period, the office said.
The NSP was launched by former president Tsai Ing-wen’s (蔡英文) government in 2016, targeting 18 countries in Southeast Asia, South Asia and Australasia to reduce economic dependence on China.
The 18 countries are the 10 ASEAN members — Thailand, Indonesia, the Philippines, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos — India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Australia and New Zealand.
In addition to investment, bilateral trade with the 18 countries in the first quarter hit US$42 billion, up 11.9 percent from a year earlier, the office said.
Exports to the 18 countries rose 28.6 percent to US$26.1 billion with imports from those countries down 7.7 percent to US$15.9 billion, the office said, adding that Taiwan recorded a US$10.2 billion trade surplus.
Bilateral trade of agricultural products with the NSP countries totaled US$1.5 billion, up 2.7 percent from a year earlier, while agricultural exports grew 11.7 percent from a year earlier to US$330 million, the office said.
Taiwanese investors won two bids for engineering projects launched in the first quarter in the NSP countries, which totaled NT$15 million (US$465,116).
Fifteen researchers, who are from the 18 countries or had studied there, came to Taiwan in the first quarter to conduct research, the office said.
In addition, 33,907 students from NSP countries arrived in Taiwan to pursue their studies, it said.
The Executive Yuan approved a plan to provide subsidies to overseas compatriot schools to hire 129 teachers, it added.
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