Five flagship projects and three potential-laden fields for collaboration under the New Southbound Policy were outlined Aug. 14 by the Cabinet-level Office of Trade Negotiations, highlighting Taiwan’s efforts to strengthen mutually beneficial ties with the initiative’s target countries in South and Southeast Asia as well Australia and New Zealand.
According to the OTN, the projects span the areas of innovative industries; medical cooperation and industrial supply chains; policy forums and youth exchange platforms; regional agriculture; and talent cultivation. The three potential-laden fields are e-commerce, infrastructure and tourism.
Premier Lin Chuan said that all relevant government agencies will closely coordinate their efforts across these areas so as to secure tangible benefits that further the nation’s long-term development.
To boost collaboration on innovative industries, New Southbound Policy projects will help Taiwan’s emerging sectors establish partnerships with companies in target countries. They will also assist the nation’s leading industries in exploring new investment opportunities in regional markets.
Programs on medical cooperation and industrial supply chains will focus on strengthening disease prevention and health security collaboration by enhancing people-to-people exchanges and supply chain integration in the health care sector.
Policy forums and exchange platforms will work to expand understanding of the principles and objectives of the New Southbound Policy in target nations with the goal of bolstering the initiative’s effectiveness. On regional agriculture, projects will seek to advance sustainable development and share technical expertise.
In the area of talent cultivation, the policy will promote academia-industry collaboration on the development of educational courses aimed at giving Taiwan’s young people and overseas Chinese knowledge of the market conditions, languages and cultures of South and Southeast Asian nations.
According to the OTN, to foster cooperation in the potential-laden area of e-commerce, the government will aid local firms in expanding their presence abroad as well as cultivate talent in the tech sector. On infrastructure, it will craft financial policies to help Taiwan companies apply for public construction projects in regional markets.
With regard to tourism, the government will work to attract more visitors from target countries through such measures as boosting the quality of related products and services and expanding visa privileges.
A key plank of President Tsai Ing-wen’s national development strategy, the New Southbound Policy aims to deepen Taiwan’s ties with the 10 Association of Southeast Asian Nations member economies, six South Asian countries, Australia and New Zealand in areas spanning agriculture, business, culture, education, tourism and trade.