The seven year results of the New Southbound Policy were discussed in a forum organized by the Taiwan-Asia Exchange Foundation (TAEF) on Wednesday.
The policy was introduced in 2016 to boost interactions between Taiwan, ASEAN and South Asian nations. Its goal was to enhance Taiwan’s regional integration through people-to-people exchanges in economic, technological and cultural cooperation.
Between 2021 and 2022 Taiwan’s total exports to new southbound countries grew more than 17%, reaching US$96.9 billion. The proportion of Taiwanese exports to new southbound countries increased from 17.7% in 2020 to 20.2% in 2022. During the same period, the percentage of exports to China decreased from 43.9% to 38.8%. The foreign ministry believes this shows the effectiveness of policy measures in promoting exchanges with new southbound countries, and reducing dependence on the Chinese market.
The ministry says Taiwan seeks to promote substantive cooperation by focusing on the individual needs of ASEAN countries. This will help highlight Taiwan's strategic roles in economics, trade, and science and technology in the Indo-Pacific, and balance China’s economic and political influence in Southeast Asia.
TAEF is the first policy-oriented think tank focusing on Southeast Asian and South Asian affairs in Taiwan. The forum was held in conjunction with their 5th anniversary commemorative event.