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June 25, 2017

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Ministry signs investment deals with 13 foreign firms

TAIPEI--The Ministry of Economic Affairs signed letters of intent with 13 foreign enterprises Monday as part of its efforts to encourage more foreign investment in Taiwan.

The 13 firms in the fields of medical services, banking and insurance, car rental, design services, wholesale, retail and manufacturing were among 61 foreign enterprises that expressed interest in investing in Taiwan at the ministry's annual global business conference held that day, ministry officials said.

The agreements represent total investment of NT$85 billion (US$2.9 billion) and the creation of 4,630 jobs over the next three years, according to the ministry.

Five of the foreign companies are from the United States and four are European, with two from Japan and one each from Australia and the Cayman Islands, it added.

"Taiwan is breaking away from its former role as an OEM manufacturer and is moving toward the status of an advanced country with an economic structure based primarily on services," said Deputy Economics Minister Francis Liang.

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