Target for investment by foreign-based Taiwan firms within sight: MOEA

Taipei, Sept. 13 (CNA) The Ministry of Economic Affairs (MOEA) said Tuesday that it is on track to attract NT$53.5 billion (US$1.69 billion) worth of investments in Taiwan this year by overseas-based Taiwanese businesses.

As of the end of August, Taiwanese companies based abroad had already pledged a total investment of NT$47 billion in the Taiwan market, the MOEA's Department of Investment Services (DOIS) said at a seminar in Taipei for some 500 potential investors.

The commitments have been made mostly by companies in the manufacturing sector, which accounted for 81 percent of the total pledges so far this year and included firms that make machinery, eye glasses, computers, and electronics components, the DOIS said.

For example, Victor Taichung Machinery Works Co. is planning to invest NT$3.5 billion to set up a production base in Taichung, central Taiwan, which will serve as the hub of its global operations and help keep its critical production technology in Taiwan, the DOIS said. It said contact lens maker Ginko International Co. will also focus its investment in Taichung, building a NT$5 billion production complex there, and will ship its products around the world.

In addition, some 250 Taiwanese investors at Tuesday's seminar have expressed a willingness to come back to Taiwan, and 19 of them already have concrete investment plans, said DOIS head Lien Yu-ping, citing the results of a survey conducted during the seminar.

Based on those factors, Lien said, she is confident that the MOEA will meet or even surpass its target of attracting NT$53.5 billion in investment this year by overseas-based Taiwanese businesses.

She said the MOEA will keep close track of the 19 investors with solid plans and will assist them where necessary.

As part of the effort, the MOEA is providing one-stop services to cut red tape and is pushing for closer cooperation between the central and local governments to create more business opportunities for investors, Lien said.

At the seminar, representatives from the Taipei, Taoyuan, Taichung and Tainan city governments met with potential investors to discuss how to use the resources provided by local governments to draft a comprehensive investment plan, the DOIS said.

The DOIS also gave briefings on innovative industries in Taiwan such as the Internet of Things, renewable energy, and the bio-tech/medical and smart machinery industries. (By Huang Chiao-wen and Frances Huang)