New southbound investments exceed those in China
Deputy Economics Minister CC Chen says Taiwan's investments in the countries under the "New Southbound Policy" have surpassed investments in China in the first half of this year.
Chen said investments in the 18 countries under the policy in the January to June period exceeded US$2.1 billion. That was larger than the US$1.9 billion invested in China.
Speaking at a Taiwan-ASEAN-India partnership forum in Taipei, Chen said the New Southbound Policy is echoing an international trend by reducing economic dependence on a single market and is reinforcing economic ties with ASEAN member states.
Chen also told delegates at the forum that Taiwan's total investments under the policy last year rose by 121.41% from a year earlier to stand at US5.3 billion.
The government launched the New Southbound Policy in 2016 as a major part of the Tsai administration's efforts to reduce Taiwan's economic dependence on China.