Taiwan's investments in NSP countries over 90% in Q1

Taipei, June 8 (CNA) Taiwan's investments in the countries included in the government's "New Southbound Policy (NSP)" surged more than 90 percent from the previous year in the first quarter of this year, the Office of Trade Negotiations (OTN) under the Executive Yuan said Saturday.

At a time when Taiwan has intensified its efforts to improve economic ties with countries under the NSP, investments made by Taiwanese investors in the 18 countries totaled about US$2.72 billion in 80 projects in the January-March period, up 92.10 percent from a year earlier, data from the OTN showed.

The OTN said Singapore, Vietnam and Thailand were the recipients of most investment from Taiwan among the 18 countries in the three month period.

The New Southbound Policy was launched by the Tsai Ing-wen (蔡英文) government of the pro-independence Democratic Progressive Party in 2016, the first year of Tsai's first term, targeting 18 countries in Southeast Asia, South Asia and Australasia, the aim being to reduce economic dependence on China.

The 18 countries are the 10 ASEAN members (Thailand, Indonesia, Philippines, Malaysia, Singapore, Brunei, Vietnam, Myanmar, Cambodia and Laos), India, Pakistan, Bangladesh, Nepal, Sri Lanka, Bhutan, Australia and New Zealand.

In addition to investment, the OTN said bilateral trade with the 18 countries in the first quarter hit US$42.0 billion, up 11.9 percent from a year earlier.

Taiwan's exports to the 18 countries rose 28.6 percent from a year earlier to US$26.1 billion in the first quarter with imports from those countries down 7.7 percent to US$15.9 billion, the OTN said, adding Taiwan enjoyed a trade surplus of US$10.2 billion.

As for agricultural products, the OTN said bilateral trade with NSP countries totaled US$1.5 billion in the first quarter, up 2.7 percent from a year earlier, while agricultural exports to those counties grew 11.7 percent from a year earlier to US$330 million.

In the first quarter, the OTN said, Taiwanese investors won two bids for engineering projects launched in NSP countries valued at NT$15 million (US$255,116).

The OTN said 15 researchers who either came from NSP countries or studied issues in those countries came to Taiwan to conduct research in the first quarter.

In addition, a total of 33,907 students from NSP countries arrived in Taiwan to pursue their studies, the OTN said.

To assuage the impact resulting from a shortage of teachers in overseas compatriot schools in NSP countries, the OTN said, the Executive Yuan approved a plan to provide subsidies to such schools to hire 129 teachers in the first quarter, with the funds largely used in northern Thailand, Myanmar, the Philippines and Brunei.