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New Southbound Policy offers win for both Taiwan and partners

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Premier Lai Ching-te on Monday said that the principles of bilateralism, diversity and win-win collaboration will guide the government's implementation of the New Southbound Policy. Taiwan will seek to engage the targeted countries through mutual exchanges across a diverse range of cooperative projects that will yield positive outcomes for all. By approaching relations with a deep sense of understanding, Taiwan will be able to achieve true bilateral cooperation.

In order to secure fair investment opportunities for Taiwan's businesses, the premier expects related ministries and agencies to provide back-end support and assistance. The government will also aid companies in overcoming barriers to investment, and take advantage of diplomacy, legislative contacts, non-governmental organizations and other such diverse channels to help the business community clear up investment disputes.

In addition, the government will arrange technology, capital and training support, together with points of contact for Taiwanese companies operating in targeted countries in order to resolve investment difficulties and ensure fair treatment. Given the importance of investment protection and promotion agreements, Premier Lai instructed the Ministry of Finance to give priority to facilitating bilateral tax accords. The Ministry of Foreign Affairs and the Overseas Community Affairs Council were directed to provide assistance, as well.

The New Southbound Policy is rooted in meeting the needs of Taiwan's continuing economic growth, said the premier. Related strategic plans were formulated with an eye toward mutual benefits and wide-ranging development so that the nation's capabilities can be applied to participation in regional economic integration. The policy will accelerate mutually beneficial cooperation with regional partners and bring balance to Taiwan's external relations and international presence. By transforming the nation's economic structure and industrial character, the New Southbound Policy will help secure the long-term success of Taiwan's ongoing development.

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