TAIPEI (Taiwan News) — President Tsai Ing-wen (蔡英文) praised the close economic ties between Taiwan and Malaysia at a “Malaysia Night” event on Tuesday (Feb. 20).

Malaysia is a key country in Taiwan’s promotion of its New Southbound Policy (NSP), Tsai said in a speech. Taiwanese investment in the Southeast Asian country has already exceeded US$14 billion (NT$440.98 billion) and created over 380,000 jobs, she said.

Taiwan is now Malaysia's third-largest import destination and eighth-largest investment partner, Tsai said.

The president said Taiwan's industrial strength can provide technical assistance to Malaysia's Industry 4.0 policy and the 12th Malaysia Plan, accelerating its progress in advanced technology, digitization, and green economy. This would allow the two countries to work together toward a net-zero, low-carbon, and digitally sustainable future, she said.

Tsai said she hoped Taiwan and Malaysia could achieve mutual economic prosperity and deepen cooperation in culture, education, innovation, and other fields in the new year.

The Malaysian Friendship and Trade Centre organized the Malaysia Night to spotlight the nation’s culture and to ring in the lunar new year.

NSP was initiated in 2016 during Tsai’s first term to strengthen Taiwan's relations with Southeast Asia as well as Australia and New Zealand. Last year, the total trade volume between Taiwan and New Southbound countries exceeded US$150 billion, according to Tsai.