TAIPEI (Taiwan News) – Nvidia Corporation has received approval from the Ministry of Economic Affairs to invest NT$1 billion (US$31.9 million) to set up a Taiwan subsidiary with the intent of building a headquarters in Taipei, reports said Friday.
The ministry said that because the case did not involve the investment of banned or restricted foreign funds, it approved a revised application from Nvidia Friday morning, per CNA. The ministry had passed a first version on Sept. 26, but the AI company raised the investment amount to NT$1 billion for a second version filed Nov. 12.
The approval of the revised application came just before the board of Shin Kong Life Insurance approved a NT$4.40 billion (US$140.05 million) deal to transfer land rights for a plot at the Beitou-Shilin Technology Park, per CNA. The city and the insurance company were expected to sign the accord next week.
The intention is for Shin Kong to hand over land rights over the T17 and T18 plots to the city, which will then transfer them to Nvidia. The new Taiwan subsidiary will manage the deal and build the headquarters.
Taipei Mayor Chiang Wan-an (蔣萬安) said Thursday he expected his administration could sign the accord with the Nvidia subsidiary before the Lunar New Year at the earliest. His statement followed a meeting with the AI company’s Vice President Global Real Estate and Site Services, Scott Ekman, earlier in the week.
