MOEA investment plans yield impressive results

From Taiwan Today

2020-10-16

New Southbound Policy。The MOEA’s three major investment promotion initiatives are delivering handsome dividends and providing strong growth momentum for Taiwan’s economy. (Courtesy of MOEA)

The MOEA’s three major investment promotion initiatives are delivering handsome dividends and providing strong growth momentum for Taiwan’s economy. (Courtesy of MOEA)

A total of NT$1.12 trillion (US$38.79 billion) in investments from 682 Taiwan firms based locally or operating offshore has been pledged since January 2019, according to InvesTaiwan overseen by the Ministry of Economic Affairs Oct. 15.

This commitment has created 94,050 new jobs and marks 83 percent completion of the government’s NT$1.35 trillion investment goal, the interministerial organization said.

In response to the China-U.S. trade friction that began in 2018, the government has been sparing no effort in encouraging local firms with operations across the strait or in other offshore locations to bring investment back home as a way of mitigating business risks, InvesTaiwan said.

Statistics as of Oct. 7 show that 204 firms have promised to invest NT$788.5 billion—70 percent of the full amount pledged—under the Action Plan for Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan.

The Action Plan for Accelerated Investment by Domestic Corporations has seen 87 local firms commit to invest NT$168.8 billion, while 391 small and medium enterprises are set to invest NT$166.1 billion under the Action Plan for Accelerated Investment by SMEs.

Among the approved investment, more than NT$100 billion worth is from 15 Taiwan firms that supply key components such as touch panels and electronic control units for vehicles produced by U.S.-based Tesla Inc.

Such strong numbers are contributing to Taiwan’s economic growth, boosting export numbers and enhancing the business environment, InvesTaiwan said, adding that the country’s performance has been impressive at a time when the COVID-19 pandemic continues to impact the global economy. According to the organization, the figures bode well for the government’s key development strategies like the Six Core Strategic Industries initiative.

Unveiled by President Tsai Ing-wen during her 2020 inauguration speech, the six core strategic industries comprise information and digital technology; cybersecurity; biotech and medical technology; national defense; green and renewable energy; and strategic stockpile industries. (SFC-E)

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