Taiwan attracts more than NT$1 trillion in investment

List of investors includes 15 Tesla suppliers with investments totaling NT$100 billion

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15 Tesla suppliers investing in Taiwanese industries. 

15 Tesla suppliers investing in Taiwanese industries.  (AP photo)

TAIPEI (Taiwan News) — The amount of investment arriving in Taiwan from overseas under a government program launched in August 2019 has passed the NT$1 trillion mark (US$39.09 billion), officials said Thursday (Oct. 15).

The 682 corporations which have invested in Taiwan include 15 suppliers for electric car manufacturer Tesla, with their combined NT$100 billion favoring sectors such as battery and engine manufacturing, CNA reported. The Ministry of Economic Affairs (MOEA) is optimistic that the investments will boost the development of technology related to electric and self-driving vehicles in Taiwan.

The investment program is expected to eventually create 94,050 jobs. Last year saw NT$250 billion of related investment, and 2020 saw another NT$374.9 billion — good for GDP growth of 1.7 percent, according to government officials.

At the weekly Cabinet meeting Thursday, Premier Su Tseng-chang (蘇貞昌) said forecasts by international financial organizations are showing Taiwan to be the only economy of the "Four Dragons" to register positive economic growth this year.

The country will benefit from the reorganization of global supply chains, the premier said, emphasizing its role as a hub for smart manufacturing, research and development of green energy, and production of advanced semiconductors.