Taipei, Oct. 12 (CNA) The Taiwan-Asia Exchange Foundation (TAEF), a national think tank focused on the New Southbound Policy, on Friday signed a memorandum of understanding (MOU) with the Philippines-based Ramon Magsaysay Award Foundation to enhance cooperation and exchange.

TAEF Chairman Michael Hsiao and Trustee of the Ramon Magsaysay Award Foundation Maria Cynthia Rose Bautista signed the MOU on the sidelines of the Yushan Forum in Taipei.

The MOU marks the first step by the TAEF to develop links with international think thanks, connect with international NGOs and nurture young leaders in the region, Hsiao said.

Discussing upcoming collaborative projects, Hsiao said the TAEF will invite recipients of the Ramon Magsaysay Award to visit Taiwan and promote exchanges between young leaders in the region.

The Ramon Magsaysay Award Foundation and the TAEF share the belief that development should engage as many people as possible and not just government or business, Bautista said.

Bautista said she sees potential in the TAEF advancing its engagement initiatives because a people-centric approach under the New Southbound Policy allows it to not only work with governments and businesses, but also embrace civil society and people in different communities.