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Published Date: 2021-11-19
Taiwanese exports
to the countries targeted by President Tsai’s New Southbound Policy rose by 36%
in the first ten months of the year. That’s according to the Secretary-general
of Taiwan’s Foreign Trade Bureau, Tai Wan-jung.
The New Southbound
Policy is a Tsai administration policy that seeks closer ties between Taiwan
and its neighbors to the south—Australia, New Zealand, and especially, the
countries of South and Southeast Asia.
Tai was speaking
Friday during a conference on Taiwanese exports to these countries, and said
that this 36% growth shows the policy’s success.
During the same
conference, Chairman of the Commerce Development Research Institute Hsu
Tain-Tsair highlighted the growing economic importance of the policy’s target
countries. He said they are populous, rapidly developing, and home to a large,
emerging middle class. Hsu said that these countries will become a hotbed for
international trade competition in the next 40 years.
Hsu said that in
the past few years, the Commerce Development Research Institute has combined
internet technology and digital technology, and used technologies such as big
data analysis and artificial intelligence to help 300 Taiwanese companies enter
these markets. He says the increase in revenue these companies have recorded
since then has been remarkable.
Hsu also said that
unlike Taiwan’s manufacturing firms, Taiwan’s service sector and other
businesses will need to adjust in order to weather the COVID-19 pandemic. He
said that the Commerce Development Research Institute plans to help more
companies make a digital transition, and use new technologies to enter the
markets of New Southbound Policy target countries.
He said he wants
to use successful experiences to create a positive, attractive image for
Taiwanese brands in those countries. He said that once Taiwanese companies have
established themselves as business powerhouses in these countries, Taiwan’s
exports there may even double.