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.