Taiwan’S Global Pivot: Building Economic Bridges Beyond China
Date
7/11/2024 7:00:06 AM
(MENAFN- The Rio Times) Amid escalating tensions with China, Taiwan's Foreign Minister, Lin Chia-lung, spearheads a crucial shift in economic policy.
Appointed by President Lai Ching-te, Lin, a seasoned politician, aims to reorient Taiwan's economic dependencies away from its imposing neighbor.
Lin's game plan? Set up industrial zones beyond Taiwan's borders. Target areas include Japan, the Czech Republic, and possibly Southeast Asian nations like the Philippines, Vietnam, or Thailand.
This strategy is a continuation of Tsai Ing-wen's New Southbound Policy. It is designed to enhance ties with countries in Oceania and Southeast Asia.
Investments in these regions surged in 2022, surpassing those in China for the first time.
Notably, Thailand emerges as a strong candidate for these new zones, fueled by existing Taiwanese investments in a smart city developed by Amata, a Thai industrial giant.
Moreover, a fresh investment treaty with Thailand adds momentum, mirroring other agreements with the Philippines, India, Vietnam, and Canada established in 2016.
However, these deals support Taiwanese small businesses' global ambitions, providing essential government aid ranging from visa facilitation to taxation advice.
Lin's efforts extend to fostering public-private partnerships, aiming to finalize these ambitious plans within the year.
Such urgency reflects Taiwan's push to strengthen its international ties amid threats of military and economic aggression from China.
Lin, with a robust portfolio from his days as Taichung's mayor to various national security roles, is central to Taiwan 's foreign affairs.
In addition, his strategic initiatives are crucial to bolstering Taiwan's global economic standing and supporting local businesses' international growth.
As Taiwan navigates diplomatic isolation and Chinese economic coercion, Lin's economic diplomacy is pivotal.
It not only aims to fortify Taiwan's global economic resilience but also secures its strategic position in an increasingly complex global arena.
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