Focus Taiwan: Taiwanese firms’ investment pledges hit NT$830 billion

Taipei, Dec. 19 (CNA) A slew of government incentives launched earlier this year to boost investment in Taiwan have increased the amount of investment in the country pledged by Taiwanese firms to over NT$830 billion (US$27.51 billion), Premier Su Tseng-chang (蘇貞昌) said Thursday.

Su made the remarks after hearing a report by the Ministry of Economic Affairs (MOEA) at a Cabinet meeting that the projects have attracted 278 Taiwanese businesses that have pledged to invest a combined NT$833.2 billion in Taiwan.

The investment is expected to create 67,601 jobs and by the end of this year, it is estimated that paid-in investment will have reached NT$239.8 billion.

In addition, a regulation aimed at encouraging remittances of funds from abroad to stabilize interest and foreign exchange rates came into effect in August, while the accelerated investment project targeting SMEs was expanded in November, with the NT$20 billion in loans and subsidies raised to NT$100 billion, according to Su.

Additionally, the value of government-approved foreign direct investment in Taiwan reached nearly NT$300 billion in the first 10 months of 2019, up 23 percent from a year earlier, while Taiwanese outbound foreign direct investment to China was no more than NT$100 billion, down 54 percent from a year earlier, Su said.

Also Thursday, the MOEA said the incentive projects are estimated to increase investment by NT$1.35 trillion, generate NT$3.26 trillion in production value and create 118,000 jobs in the country over the next three years.

Of the NT$833.2 billion pledged by Taiwanese businesses, Taoyuan is expected to receive the largest amount of investment at NT$197.5 billion, followed by Kaohsiung at NT$164.2 billion and Taichung at NT$156 billion, according to the MOEA.

Tainan will receive NT$132 billion in investment, while NT$27 billion will go to New Taipei and NT$4 billion to Taipei, the MOEA said.

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