The economic deputy minister Chen Chern-chyi (陳正祺) attended the Taiwan-ASEAN India Strategic Investment Partnership Forum on Tuesday. The forum envisions to reduce Taiwan’s reliance on a single market, strengthen economic resilience, and enhance industrial competency with its trade partners in the Southbound countries.
Chen said the foreign investment in the ASEAN countries had surpassed its counterpart in China since 2021. The region has ranked the third largest investment destination in the world.
Taiwan’s Southbound policy follows the trend to reinforce Taiwan’s economic partnership with the Southeast Asian countries. Industrial clusters of Taiwanese companies are starting to emerge in Vietnam, Thailand and Indonesia. The domestic advancement of the new energy industry is also reaching out to make an impact in the region.
Chen emphasized that the demographic dividend and abundant mineral resources of India and other ASEAN countries have drawn global attention. He said the economic outlook in the Asia-Pacific region this year sees a 4.6% growth, which comprises about 70% of GDP worldwide according to the International Monetary Fund (IMF). This has led the United States, Japan, and democratic countries in Europe to launch their own Indo-Pacific strategies.
Chen said the Southbound policy will become even more prominent as the international trend evolves overtime. The ministry will continue to work with relevant countries to strengthen economic ties and consolidate Taiwanese investors' pivotal position in the global industrial supply chain.