In addition to the New Southbound Policy, one of the central initiatives of the Tsai Ing-wen administration has been the “5+2 Innovative Industry” program focusing on cutting edge industrial sectors. The goal of forging links between those two policies was assigned to the Ministry of Economic Affairs as one of the five flagship projects under the New Southbound Policy.
MOEA selected India, Indonesia, Malaysia, the Philippines, Vietnam, and Thailand as the main counterparts for industrial cooperation. It has also outlined the following objectives:
- Deepening industrial supply chain partnerships, especially for smart machinery.
- Cooperating in the promotion of smart city technologies and the development of platforms and systems based on the internet of things.
- Promoting turnkey projects (the export of whole plants) from Taiwan.
- Providing assistance to small and medium-sized enterprises in the region based on Taiwan’s long experience in that area.
- Contributing to an environmentally friendly Asia Pacific by promoting green energy technology.
- Engaging in innovative marketing and promotion activities to enhance the image of Taiwanese products and technology throughout the region.
- Utilizing markets in the region as a test bed for innovative Taiwanese products.