TAIPEI (Taiwan News) — A Taiwanese version of the "Bring Jobs Back to America" initiative, which aims to boost investment in the country from overseas businesspeople, local manufacturers and SMEs, has succeeded in raising close to NT$1 trillion this week.
Despite a global slowdown in business and investment due to the coronavirus outbreak, Taiwan's business environment has remained relatively unscathed. Investments are expected to cross the trillion-dollar mark next week as up to 57 companies are in the process of joining the initiative that offers subsidies for interest payments on bank loans.
The three-pronged investment strategy, officially known as "Invest Taiwan," was launched on July 1, 2019, in response to the United States-China trade war. It was designed to attract more investment and create jobs in Taiwan.
The Ministry of Economic Affairs (MOEA) said on Thursday (May 7) that three companies have been given the green light to enter the program: Taiwanese food manufacturer I-Mei Foods, screw-in hydraulic cartridge valve producer Winner Hydraulics, and industrial panel maker Mildex. Each is expected to add 220, 64, and 50 jobs, respectively, under the program.
According to the ministry's statement, I-Mei is set to spend NT$3.2 billion to build an automated production line at a new Taoyuan plant designed to produce biomedicines and macrobiotic food products. The plant is set to have the country's largest freeze vacuum drying system, which will be able to preserve a wide variety of heat-sensitive ingredients.
I-Mei began delving into macrobiotics and biomedicine around five years ago. It is committed to developing high-value ingredients for nutraceuticals from agricultural waste as part of its mission for a circular economy and waste minimization. Its goal is to produce nutraceutical ingredients in-house rather than having to rely on imports like other local competitors.
Winner Hydraulics is a leading producer of screw-in hydraulic cartridge valves. The company has seen a spike in orders from abroad this year due to the U.S.-China trade war and global coronavirus outbreak. The surge in demand has created the need to hire 64 people for R&D in two central Taiwan cities.
Industrial panel maker Mildex has decided to shift production back to Taiwan in order to mitigate the impact of U.S.-China trade tensions. It is planning to invest NT$100 million into its Kaohsiung factory in order to increase production capacity. The move is expected to create at least 50 new jobs.