TAIPEI (Taiwan News) – Taiwan’s investments in New Southbound Policy nations surged by 92.1% to US$2.71 billion (NT$88.03 billion) during the first quarter of 2024 from the same period last year, the government said Saturday (June 8).

The policy, launched in 2016, targeted 18 countries in Southeast Asia, South Asia, and Oceania for closer trade, economic, cultural, and political relations. One of its aims was to reduce the reliance of Taiwan’s economy on China.

The government approved or verified 80 investment cases in January-March, most of them aimed at Singapore, Vietnam, and Thailand, per CNA. Bilateral trade and Taiwan exports to New Southbound Policy countries also increased by significant margins.

Trade between the two sides during the first quarter amounted to US$42 billion, or 11.9% more than during January-March 2023, according to the Cabinet’s trade negotiator’s office. Exports to the area surged 28.6% to US$26.1 billion, while imports declined 7.7% to US$15.9 billion, leaving Taiwan with a trade surplus of US$10.2 billion.

While farm products and engineering projects found profitable markets during the first quarter, Taiwan also proved successful at attracting talent from the New Southbound Policy countries, the government said. The country welcomed 15 researchers planning work on the policy, while 33,907 overseas Chinese also arrived for studies and internships.

In order to help relieve the shortage of educators in their regions of origin, Taiwan subsidized 129 teachers to work mostly in north Thailand, Myanmar, the Philippines, and Brunei.