The Change in Economic Identity of Taiwan and Cooperation in Investment and Trade with Thailand and some Countries in ASEAN
Keywords:
Economic Identity, Cooperation, Taiwan, ThailandAbstract
Using constructivist theory, this research piece examined Taiwan's changed economic identity and cooperation in investment and trade with Thailand and other ASEAN countries. Documentary research was used to conduct this study. The descriptive analysis was used to examine all of the data.
The results found that economic globalization, free markets, and democratic values in international politics drove Taiwan to modified its economic structure which began in the 1980s. Taiwan has implemented three fundamental policies i.e. economic liberalization, internationalization, and institutionalization. In addition, the government promoted high-tech sectors as a replacement for labor-intensive industry. Furthermore, under the One China policy, Taiwan was required to seek economic cooperation with other countries, particularly with Southeast Asian countries, through the Southbound Policy and the New Southbound Policy. Taiwan made the most investments in Singapore, followed by Vietnam and Thailand. The data revealed that Taiwan had a trade surplus primarily with Thailand, based on exclusively trade cooperation with Thailand.
The Thai government should construct massive infrastructure quickly to attract Taiwanese investors, and the Thai government should cooperate with Taiwanese businesses to boost Thai high-tech sectors, according to policy proposals.
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