New Southbound Policy Portal

Efforts by Taiwan’s representative offices overseas in Q1 are paying dividends as foreign trade and investment are increasing, according to the MOFA June 20. (MOFA)
 

Taiwan’s representative offices around the world working in tandem with the Ministry of Economic Affairs helped significantly boost foreign trade and investment in the first quarter of 2020, according to the Ministry of Foreign Affairs June 20.

During a challenging period for the world economy, overseas offices have put the spotlight on Taiwan’s high-tech prowess and its potential to fight the coronavirus pandemic, creating opportunities for local firms, the ministry said.

By attending investment tours, trade fairs and various promotional events, the MOFA, MOEA and other state-supported organizations helped attract US$350 million in foreign direct investment, an increase of 40 percent year on year. Japan alone contributed more than US$10 million.
 
The MOFA also helped secure US$230 million in potential procurement deals, up 109 percent from last year, with its offices in Atlanta, Dubai, Malaysia, Turkey and Vietnam all reporting pacts exceeding US$10 million.
 
Various agreements have been sealed in the last quarter by the country’s representative offices, the ministry said, adding these include a deal on mutual recognition of organic products with New Zealand; an organic equivalency arrangement with Australia; and an MOU on small and medium enterprise cooperation with Turkey.
 
Taiwan’s representative offices in the U.S. also lobbied for the passage of 16 resolutions at the federal or local level supporting trade engagement with Taiwan, including the Taiwan Allies International Protection and Enhancement Initiative Act of 2019, the MOFA said. (SFC-E)