"2024 Taiwan-ASEAN, India Investment Strategy Partner Forum" linking investment exchange platforms to strengthen diverse layout resilience

2024/09/13

Business Times
August 06, 2024
Author: Business Times reporter Guo Jingzhi

The Investment Promotion Department of the Ministry of Economic Affairs held the "2024 Taiwan-ASEAN and India Investment Strategic Partnership Forum" today (6th), inviting representatives of investment authorities from six countries including India, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam to attend the meeting. BCG Boston Consulting Company's special speech attracted more than 300 people to participate in the live exchange.

Chen Zhengqi, Parliamentary Secretary of the Ministry of Economic Affairs, said that in the past, China was the world's main production base, but in recent years, affected by changes in the global political and economic situation, the global supply chain has been reorganized, and manufacturing has gradually moved to ASEAN and India. The United Nations predicts that Southeast Asia's economy will grow by 4.8% in 2024, and India's economy will grow by 6.9%, which shows that Southeast Asia and India have become the bright spots of global economic growth. In this great transformation, Taiwanese businessmen are important and key players. From an investment perspective, in response to the continued changes in international geopolitics, Taiwanese businessmen are increasingly investing in New Southbound partner countries. In 2023, my country's investment in New Southbound will account for 20% of my country's overall foreign investment.

At present, Taiwan has signed new investment protection agreements with the Philippines, India, Vietnam and Thailand. China also looks forward to updating existing investment protection agreements with Indonesia, Malaysia and other ASEAN countries to strengthen the resilience of our overseas investment layout and safeguard Taiwanese investment. rights and interests, and deepen investment relationships with various countries. Looking forward to the new era of the rise of ASEAN and India, deepening regional connections is a necessary development direction. The Ministry of Economic Affairs will continue to strengthen industrial cooperation and technological exchanges with the new southbound countries, jointly build a mutually beneficial and co-prosperous supply system, and promote a more stable and robust supply chain.

Kevin Wu, a BCG partner who is well versed in global regional economic development, pointed out at the forum that in response to changes in the global trade landscape in the future, ASEAN and India will be the key to global trade growth. Over the past five years, large global companies have invested more than US$58 billion in Southeast Asia. Investments include capacity expansion, market entry/acquisitions, new products and services, etc. It is estimated that ASEAN and India will remain key drivers of global economic growth in the next ten years.

Chairman of the Indian Taipei Association Yip Dafu emphasized that the Indian government has been committed to improving the ease of doing business in recent years, accelerating infrastructure construction, launching the Production Link Incentive Subsidy Program (PLI), etc., and encouraging Taiwanese businessmen to design electronic systems that have niche cooperation between Taiwan and India. Manufacturing (ESDM), automobiles, electric vehicles, energy, industrial textiles, pharmaceuticals, etc., seize the opportunity to enter the Indian market as soon as possible.

Huang Yige, director of the Investment Department of the Indonesian Economic and Trade Representative Office in Taipei, said that Taiwanese businessmen can pay attention to investment opportunities such as smart cities and green energy. In addition, Indonesia is using its abundant nickel reserves to develop a complete electric vehicle industry ecosystem, including upstream nickel mining and refining processing, midstream batteries, and downstream electric vehicles, charging stations and battery recycling, with growth potential.

Han Na, Director of the Taipei Office of the Malaysian Investment Development Authority, pointed out that Malaysia is the sixth largest semiconductor exporter in the world, with a global market share of 7%, and its complete semiconductor value chain, which shows Malaysia’s investment in semiconductors. Attractiveness, we hope to attract more Taiwanese semiconductor manufacturers to invest in Malaysia in the future.

Mr. Worakan Kosolpisitkul, Director of the Thailand Board of Investment (BOI), specifically explained the preferential investment measures for high-tech industries such as electric vehicles and smart electronics that the Thai government has actively promoted in recent years to increase incentives for Taiwanese businessmen to invest in Thailand. BOI also provides a series of assistance, including preliminary inspections of industrial zones, acceleration of the application process, and resolution of manpower issues.

Ms. Anidelle Joy M. Alguso, deputy director of the Philippine Special Economic Zone Authority (PEZA), explained that the Philippines has currently created 423 special economic zones, providing one-stop investment services and attracting 83 Taiwanese businessmen, covering electronic components, IT services, rubber, paper and other industries. In recent years, the Philippines has revised the Corporate Recovery and Tax Incentives Act (CREATE) and launched the Strategic Investment Priority Program (SIPP), which provides investment incentives of up to 4-7 years of income tax holidays (ITH) for specific industries. Manufacturers are welcome to Use it more often.

Director Du Yihuang of the Foreign Investment Bureau of the Ministry of Planning and Investment of Vietnam introduced the business opportunities and investment services in Vietnam's key development industries, emphasizing that Vietnam's excellent economic performance and improved international status in recent years have attracted substantial growth in investment from foreigners. Among them, Taiwan ranked fourth in terms of cumulative investment amount, in addition to high-tech enterprises. In addition to the technology and electronics industry, we also hope to strengthen cooperation with Taiwan in the field of high-tech agriculture.

The Investment Promotion Department of the Ministry of Economic Affairs pointed out that this forum links the official investment authorities of various countries to provide Taiwanese businessmen with the latest investment information. It also simultaneously sets up investment consultation booths and one-on-one investment negotiations from various countries around the venue. More than 30 manufacturers have signed up to participate in the negotiations, and the number of negotiations has exceeded 40, which shows that more and more Taiwanese businessmen are interested in expanding their presence in Southeast Asia and India. In the face of changes in the international situation, the Investment Promotion Department will continue to integrate domestic and foreign networks such as the "Taiwan Investment Window (Taiwan Desk)" and overseas units to provide investment consulting and introduction services, organize physical and online seminars, and organize investment Assist Taiwanese businessmen to strengthen the resilience of their investment layout through inspection groups and other means.

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