Foreign investment in Taiwan jumped nearly 20% in first 11 months of 2019

Investment from New Southbound countries increased by 166.3 percent to US$897 million

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(CNA photo)

Foreign investment in Taiwan during the first 11 months of the year was up nearly 20 percent year on year, driven mainly by investment from European wind power developers, the Investment Commission (IC) reported Friday.

During the January-November period, foreign investment in the domestic market totaled US$10.29 billion, a 19.97 percent increase on an annual basis, the IC said, attributing the rise to investment by Germany's wpd AG and Demark's Ørsted Wind Power TW Holding A/S, both offshore wind energy developers. Investment by Ørsted and wpd accounted for about 40 percent of the total during the 11-month period, while Google Inc. and Micron Technology B.V. also injected US$835 million and US$2.123 billion, respectively, IC said.

At the same time, investment by countries targeted by Taiwan's New Southbound Policy amounted to US$897 million, jumping 166.3 percent from a year ago, with Australia and Singapore posting the largest increases, according to the IC. In contrast, Taiwan's outbound investment plunged 51.47 percent to US$6.219 billion from the same period last year, which the IC ascribed to a high comparison base and the impact of trade frictions between the United States and China.

Nevertheless, investment by Taiwanese companies in some countries included in the New Southbound Policy, such as Vietnam, Singapore, Australia, and Thailand, grew to US$2.613 billion, increasing 18.99 percent year on year, the IC said. Meanwhile, investment from China in Taiwan decreased 56.15 percent to US$94.49 million compared with a year ago, while Taiwan's investment in China decreased 53 percent to US$3.724 billion, which the IC said was caused by the ongoing U.S-China trade warm, which started in the middle of 2018.