TAIPEI (Taiwan News) — Special regulations targeting the repatriation of funds attracted a total of NT$95.99 billion (US$3.44 billion) worth of investments into Taiwan during their two years of validity, the Ministry of Economic Affairs (MOEA) said Wednesday (Aug. 18).

The regulations were launched on Aug. 15, 2019, and remained valid until Aug. 16 this year, CNA reported. Of the 405 investment projects, there were four which amounted to NT$3 billion each, while the most popular sector was ICT, good for NT$30.21 billion.

Once the money has been wired into Taiwan, investors need to present a detailed application plan within a year, meaning the recent wave of investments will last until the third quarter of 2022, the MOEA said.

Looking at the geographical distribution of the projects, 174 were situated in the north, 182 in central and south Taiwan, and one on the east coast. The MOEA saw the locations of the investments as a strong sign that the north was holding on to its position as an ICT powerhouse, while the south was gaining ground fast.

The investment campaign coincided with the trade war between the United States and China, adjustments in global supply chains, and the COVID-19 pandemic. The investment projects formed part of a total of NT$354.8 billion in repatriated funds during the two-year validity period of the regulations.