TAIPEI (Taiwan News) — Thailand has approved 20 investment projects by electronics companies from Taiwan, reports said Thursday (Sept. 7).

The value of the projects totaled 30 billion baht (NT$26.98 billion, US$842.66 million), the Bangkok Post reported. The Taiwanese businesses were interested in Thailand as a manufacturing base for exports.

The Southeast Asian country’s Board of Investment (BoI) did not name the companies but said they included producers of printed circuit boards (PCBs). The Taiwanese companies sought to evade tensions with China while also seeking lower operating costs than in the United States and the European Union, according to the BoI.

In addition to PCBs, some Taiwanese companies are also planning to produce notebook computers for Hewlett-Packard in Thailand. The businesses had received investment incentives in January and August.

The BoI said it was in talks with more Taiwanese firms hoping to persuade them to invest in Thailand. The aim is to turn the country into a major PCB hub in Southeast Asia with the help of companies from Taiwan, Japan, and China.

Thailand is one of 18 countries targeted by Taiwan’s New Southbound Policy. The BoI has also identified Taiwan as one of its priorities to attract investment, according to the report.