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Almost 70 industrial accords signed under New Southbound Policy

2017/12/15 19:47:22

Taipei, 15 (CNA) A platform to facilitate exchanges under the government's New Southbound Policy has led to the signing of almost 70 industrial cooperation agreements between Taiwanese firms and their counterparts in the countries covered by the policy, the Chinese National Federation of Industries (CNFI) said Friday.

The platform for industrial exchanges in the Asia-Pacific region, established by the business group and the Ministry of Economic Affairs (MOEA) in March, has been helping local investors to ink a total of 69 memoranda of understanding with their counterparts in the other countries, a move aimed at facilitating international industrial exchanges for Taiwanese firms, CNFI Chairman Rock Hsu (許勝雄) said.

The New Southbound Policy is aimed at forging closer economic ties with the 10 nations of the Association of Southeast Asian Nations (ASEAN) bloc along with India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Australia and New Zealand.

The policy, one of the ruling Democratic Progressive Party government's priorities, is expected to help Taiwan lower its economic dependence on China.

The platform, Hsu said, categorizes Taiwanese investors based on their industries into different groups, which is an effective way for them to seek business partners and sign industrial cooperation MOUs with their overseas counterparts.

At the moment, an initial stage in the establishment of the platform is targeting Indonesia, India, the Philippines, Malaysia, Thailand and Vietnam, Hsu said.

He said the 69 cooperation agreements cover a wide range of industries, based on the different industrial advantages commanded by the six countries.

For example, Hsu said, Taiwanese investors have focused on the textile industry in Vietnam, and the auto industry in the Philippines.

Hsu said the platform will not limit itself to the six countries but will try to extend its reach under the New Southbound Policy and set its sights on an industrial upgrade and make growth sustainable.

Economic Affairs Minister Shen Jong-chin (沈榮津) said such cooperation under the platform is expected to help Taiwanese firms build a comprehensive supply chain and facilitate industrial exchanges with their counterparts in the region.

Shen said since many Taiwanese firms are small and medium-sized ones, the platform will pave the way for experience-sharing in a bid to reduce difficulties for them to go overseas.

(By Liao Yu-yang and Frances Huang)