TAIPEI (Taiwan News) – Display panel producer AU Optronics (AUO, 友達光電) was the latest Taiwanese company to take advantage of government measures, planning to invest NT$40.7 billion (US$1.3 billion) back home, the Ministry of Economic Affairs (MOEA) said Friday (July 26).

Since the trade war between the United States and China started, the Taiwanese government has especially been trying to attract investment from the myriads of Taiwanese firms which once moved to China.

The AUO case was among five applications approved so far this year, bringing the total to NT$497.3 billion (US$15.99 billion), the Central News Agency reported. The MOEA estimated the investments could lead to the creation of 43,500 jobs inside Taiwan.

A total of 98 Taiwanese companies were responsible for the plans, which were now rapidly approaching the target of NT$500 billion set by President Tsai Ing-wen (蔡英文), the MOEA said. Taking trends into account, the total for the year might even reach NT$550 billion or NT$600 billion, according to the ministry.

The MOEA described AUO’s investment plans as a unique occasion to upgrade Taiwan’s technology for display panels and strengthening its role as the world’s second-largest producer of the items.