TAIWAN / THAILAND, (Taiwan Today) – An investment promotion and protection agreement was signed by Taiwan and Thailand June 27, underscoring their commitment to expanding economic and trade ties, according to the Executive Yuan.
Inked by Chang Chun-fu, head of the Taipei Economic and Cultural Office in Thailand, and Narong Boonsatheanwong, executive director of the Thailand Trade and Economic Office in Taipei, the EY described the pact as the fifth of its kind for the country since 2016, following those signed with the Philippines, India, Vietnam and Canada, in that order.
The accord focuses on ensuring the transparency of investment information such as regulations, measures and procedures, while new amendments shall be announced immediately, the EY said, adding that a designated window will be established to handle investment-related matters and answer relevant questions in a timely fashion.
The two governments have laid the groundwork to assist enterprises in solving disputes through consultations and negotiations, the EY said. A joint investment committee will be set up to supervise the implementation and operation of the agreement and provide consistent interpretations of the provisions, it added.
The EY went on to say that in addition to direct investment, like opening factories, indirect investment through third parties is also protected under the pact. The agreement additionally allows the governments to adopt necessary regulatory measures to secure their public policy goals including health, environmental protection, labor rights and financial stability, it added.
According to the EY, the statistics show that since Taiwan launched its New Southbound Policy, bilateral trade between Taiwan and Thailand has increased 74.6 percent from US$9.3 billion in 2016 to $16.24 billion in 2023. Bilateral investment has also risen by nearly 120 percent from US$3.18 billion to US$6.99 billion during the same period, highlighting Thailand as one of Taiwan’s major trading partners among member states of the Association of Southeast Asian Nations, it said.
Southeast Asian countries are growing in popularity as investment destinations for Taiwan’s businesses, with Thailand becoming a preferred destination for Taiwan’s electronics and electrical components industry, among others, the EY said. It added that the pact provides comprehensive protection to enterprises based in Taiwan, and helps strengthen the resilience of their overseas investments.
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