Taipei, Aug. 31 (CNA) President Tsai-Ing wen announced Thursday that the government plans to create a special public infrastructure fund to help boost cooperation with Taiwan's diplomatic allies and countries that fall under its New Southbound Policy.
The fund, with an initial allocation of US$3.5 billion, will concentrate on projects that emphasize Taiwan's advantages and help promote mutually beneficial developments with those countries, Tsai said during a meeting on foreign trade strategy held that day.
While Taiwan's efforts to expand its presence in Southeast Asia and South Asia are making progress, the country must play an even more proactive role in the region to help shape its growth, she said.
The president emphasized that she believes the project will help Taiwan consolidate ties with its diplomatic allies and other countries in the region.
The New Southbound Policy, adopted by President Tsai, is an initiative that seeks to enhance cooperation and exchange between Taiwan and 18 countries in Southeast Asia and South Asia, including Australia and New Zealand.
Furthermore, Tsai has instructed the Ministry of Foreign Affairs to speed up the reorganization of Taiwan's Overseas Investment & Development Corp. (OIDC) and to increase its capital to facilitate the expansion of public infrastructure projects overseas.
Established in 1995, OIDC was founded to assist the government in promoting international and diplomatic activities through infrastructure projects. The organization has since invested heavily in Central America, Africa and the Asia Pacific.
