Taiwan invests $700K more to improve human security, economic integration in APEC

Chinese Taipei has provided $700,000 in additional funding for initiatives geared to enhance human security and foster economic integration among member economies of the Asia Pacific Economic Cooperation (APEC).

Foreign Affairs officials from Chinese Taipei, also known as Taiwan, signed on Sunday in Cebu a memorandum of understanding with the APEC Secretariat, which has been tasked to administer the projects based on APEC’s policy directives.

“Chinese Taipei is seeking to build the capacity of APEC members to mitigate shared threats to people and society, and advance regional economic integration. Our donation supports deeper collaboration in the region vital to delivering prosperity that is both far-reaching and lasting,” Ambassador Pei-yung Hsu, APEC Senior Official for Chinese Taipei, said in a statement.

APEC executive Alan Bollard welcomed Chinese Taipei’s donation to the APEC Support Fund, Human Security Sub Fund and Policy Support Unit, as contributions to capacity building initiatives in the region that would help facilitate cooperative policy development.

“Building more integrated, sustainable economies is a complex task that requires a high level of coordination and technical acumen within and between them. The more closely Chinese Taipei and fellow APEC members work together, the more they will be able to secure the benefits that people and businesses throughout the region are expecting,” Bollard said.

APEC members fund around 100 projects annually to bridge knowledge and resource gaps between them and realize common objectives.

In 2014, member economies contributed $9 million for projects such as technical workshops, training sessions and research.

Over 2,000 have been undertaken since APEC initiated project work and founded a secretariat in 1993. Up to 150 projects may be under implementation at any given time.

According to APEC, Taipei is currently driving capacity building projects to improve natural disaster resilience and business resumption in APEC economies, with focus on the promotion of business continuity planning among small enterprises. Typhoon and flood risk management and the application of big data and open data to strengthen emergency preparedness are additional focus points.

Chinese Taipei is further boosting APEC work to improve food safety across supply chains as well as energy security, with attention to the facilitation of regional trade in liquefied natural gas (LNG), APEC added.