Taiwan’s government will spend NT$200 million (US$6.7 million) to help market products hit by import bans from China. The economy ministry says the money will go towards organizing promotions and pop-ups in shopping malls across Taiwan’s 13 counties.
The plan aims to help Taiwanese businesses make up for lost markets after Beijing banned two-thirds of imported Taiwanese food products. The ban covers a range of categories, ranging from fish products to dried fruit.
Beijing announced the measures shortly after US House Speaker Nancy Pelosi’s historic visit to Taiwan.
According to Taiwan’s economics ministry, almost 20% of Taiwanese processed foods get exported to China.
The ministry aims to help those products find new markets, including in Singapore, Malaysia, Vietnam, South Korea and Japan, among others.
Businesses hit by the ban will also be able to get loan extensions and relief from interest payments.