Taiwan `goes South'

Taiwan `goes South'

MANILA (Reuter): Taiwan said yesterday it would embark on a trade and investment drive into Southeast Asia as part of its "Go South" campaign to boost ties with the region and bolster the domestic economy.

Taiwanese economic minister P.K. Chang told Filipino and Taiwanese businessmen in Manila that the drive targeted the Philippines in particular.

"This area (Southeast Asia) has become a main target for our concerted outward investment," he said.

Taiwan had one of the highest foreign exchange reserves and per capita incomes in the world, but faced stiff competition from other industrialized countries, Chang said, adding Taiwan must upgrade its economy to meet the challenge.

This meant boosting relations with Southeast Asian nations, with which Taiwan shared cultural and geographical links, he said.

Chang said Taiwan, the Philippines' third biggest foreign investor, wanted to be Manila's top foreign investor, overtaking the United States and Japan.