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New Southbound Policy

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To diversify Taiwan's risks and minimize overdependence on any single market, the Executive Yuan on September 5, 2016 introduced the promotion plan for the New Southbound Policy to strengthen Taiwan's relations with its neighbors to the south, from South and Southeast Asia to Australia and New Zealand. The plan prescribes specific measures for four focal areas: economic and trade collaboration, talent exchange, resource sharing and regional connectivity. By pushing economic, technological and cultural exchanges, Taiwan hopes to share resources, talent and markets with those countries while creating a new and mutually beneficial model of cooperation. These efforts will in turn build a sense of economic community and enable Taiwan to integrate more fully into the regional economy.

Four main areas

Economic and trade collaboration: Forge new economic and trade partnerships by exporting infrastructure construction services, helping Taiwan's small and medium-sized enterprises expand in target countries, and providing Taiwanese firms with financial assistance. Also, connect more closely with supply chains and domestic demands in target countries, and collaborate on infrastructure projects.

Talent exchange: Share human resources and complement the strengths of partner countries by expanding exchange and training programs for young scholars, students, and industry professionals. Initiatives include bilateral academic exchange programs, a New Southbound talent matching website, and an information platform for Taiwanese companies to register their businesses and seek talent.

Resource sharing: Create bilateral and multilateral cooperation opportunities by capitalizing on Taiwan's soft power in culture, tourism, medical care, technology, agriculture and small and medium-sized enterprises. Strategies include promoting agricultural cooperation, increasing two-way tourism with other nations, and attracting residents of New Southbound countries to Taiwan for top-quality health care.

Regional connectivity: Enhance official and private exchanges, sign and renew trade agreements, institutionalize multilateral and bilateral cooperation with partner countries, and step up negotiations and dialogue.

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