Taiwan signs US$200 mil. plans with foreign firms


AFP

TAIPEI, Taiwan — Taiwan has signed preliminary investment agreements totalling US$200 million with 15 international firms, an official said yesterday.

Economic minister Yiin Chii-ming signed letters of intent with the companies on Tuesday at a conference in Taipei aimed at attracting more foreign investors, said an official at the economics ministry. Six of the companies, including 3M, Bayer, and Siemens, will set up research and development centers in the island, the official said. Taiwan has attempted to boost investment as growth flagged and the financial markets slumped amid a global financial crisis. The government last month unveiled an economic stimulus package worth US$5.6 billion to help achieve its target of 4.3 percent economic growth this year and shore up the ailing stock market.