As part of the New Southbound Policy (NSP), the ambitious endeavor of Taiwan (China) to diversify its industrial base and boost investment in regional countries is expected to fuel a surge in trade and investment across key markets, including Vietnam. A shift in capital flows Since its introduction in 2016, the NSP has gained momentum, leading Taiwanese industrial and high-tech facilities to diversify away from China, according to Kao Shien-quey, deputy head of Taiwan’s Development Council, during a recent meeting in Taipei with the Southeast Asian media. In recent years, trade cooperation between Taiwan and the 18 target countries of the NSP has improved significantly thanks to the concerted efforts of Taiwanese authorities. This initiative has provided local Taiwanese firms with opportunities to expand their operations and explore business potential in regional markets. The Taiwanese industrial sectors are actively seeking global cooperation, driven by the rising demand in the local economy with over 23 million people, said Kao. Currently, Taiwan imports 90% of its energy needs, posing challenges for daily life and local businesses. Kao said, “Our goal is to reduce dependence on energy imports and achieve net-zero emissions by 2050.” To achieve this, Taiwan is focusing on developing renewable […]
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