TAIPEI (Taiwan News) — The Ministry of Economic Affairs (MOEA) said Monday (July 15) Taiwan’s foreign investment to other countries for the first six months of this year reached a record high of US$24.1 billion (NT$785 billion), marking a 169% year-on-year increase.

According to an MOEA press release on Monday (July 15), this figure surpasses the foreign investment for the entire previous year. Investment in New Southbound Policy countries also saw significant growth, with the projects and investment amounts increasing by respectively 63% and 113%, per CNA.

The MOEA’s Department of Investment Review said this surge comes from the approval of TSMC’s capital increases for its subsidiaries in Japan (US$5.26 billion) and the U.S. (US$5 billion), among other large-scale investment projects.

For investments in New Southbound Policy countries, approved projects in the first half of this year were 147, an increase of 63.33% year-on-year. The investment amount was US$4.53 billion, a 113.23% increase year-on-year.

The MOEA said this rise was mainly due to the approval of large-scale investment projects by Foxconn, including a capital increase of approximately US$2.48 billion and US$15 billion for its subsidiaries, Foxconn Singapore and Foxconn EV Singapore Holdings. The largest investments were in Singapore, Vietnam, and Thailand.

Meanwhile, approved projects in China in the first half of this year were 176, a decrease of 1.12% year-on-year. The investment amount was $1.54 billion, a 19.03% decrease compared to the same period last year.