TAIPEI (Taiwan News) — The Ministry of Economic Affairs (MOEA) approved a US$5 million (NT$164.4 million) investment for Taiwan Semiconductor Manufacturing Company’s (TSMC) overseas subsidiary TSMC Global Ltd. on Monday (July 29).

At an investment review meeting on Monday, the MOEA’s Department of Investment Review approved new investment projects for TSMC among others, per RTI.

The department said this move primarily lowers foreign exchange hedging costs, allowing the subsidiary to invest in U.S. dollar time deposits, bonds, and other securities, per CNA. With this, TSMC’s total capital increase in this subsidiary has reached US$8 billion this year, it reported.

Additionally, the MOEA approved an investment of US$2.4 million (NT$78.9 million) for TSMC’s Singaporean joint venture with NXP Semiconductors, VisionPower Semiconductor Manufacturing Company (VSMC). The investment will go toward building a 12-inch wafer fab that will use 130nm to 40nm processes.

As for investments in China, the MOEA approved two cases: Formosa Plastics and Formosa Heavy Industries applied to each invest US$530 million in Fujian Fuxin Special Steel Co. Ltd. They aim to engage in the production and sales of stainless steel semi-finished products.