The Executive Yuan today unveiled a plan to promote the New Southbound Policy tenable for four years. Under the plan, the government will integrate the resources and strengths of the public and private sectors to forge a new mutually beneficial model of cooperation and a sense of economic community with those countries. The New Southbound Policy aims to strengthen Taiwan’s trade and economic ties with members of the Association of Southeast Asian Nations (ASEAN), South Asian countries, as well as New Zealand and Australia.
The New Southbound Policy consists of four main components: Promoting economic collaboration, conducting talent exchange, sharing resources and forging regional links.
Rather than regarding ASEAN and South Asia as contract manufacturing bases for exports, Taiwan will forge new partnerships by integrating with those countries’ supply chains, connecting with their domestic demand markets, and cooperating on infrastructure projects. With a focus on people, deepen bilateral exchange and cultivation of young scholars, students and industry professionals. Share and complement human resources with partner countries. Capitalize on Taiwan’s soft powers to promote bilateral and multilateral cooperation in culture, tourism, medical care, technology, agriculture, and small and medium-sized enterprises. Improve quality of life in partner countries and expand Taiwan’s economic footprint. Systematize bilateral and multilateral cooperation with partner countries, strengthen negotiations and dialogue. Change previous patterns of individual effort and draw on the collective strength of private groups, overseas Taiwanese networks and third countries. Advance regional safety and prosperity.
Reference: Editorial department (2016). ‘New Southbound Policy’ promotion plan launched. Accounting Research Monthly, 371, p30.