Taiwan gets US$3.5 billion in foreign investment pledges: MOEA

Deputy Minister of Economic Affairs Kung Ming-hsin (龔明鑫), left, holds a letter of intent signed by a foreign investor at Taiwan Business Alliance Conference held in Taipei on Oct. 6. (CNA)

Taipei (CNA) – Twenty-two foreign enterprises attending the Taiwan Business Alliance Conference have signed letters of intent (LOI) to invest some NT$106.3 billion (US$3.5 billion) in Taiwan, the Ministry of Economic Affairs (經濟部) said Friday.

The investment plans are expected to create 1,516 jobs, said Deputy Economic Affairs Minister Kung Ming-hsin (龔明鑫), who noted that based on data from letters of intent signed in the past few years, the investment commitments were usually achieved within three years.

“The achievement rate has been at over 90 percent,” Kung said on the sidelines of the conference being held in Taipei, implying that the investment pledges signed Friday will mostly become reality.

Asked why his company is investing in Taiwan, Biolegend managing director Chen Wei-hao (陳韋豪) said his company’s Taiwanese founders want to invest in their homeland after successfully starting a business in the United States.

“Excellent talent in Taiwan is the biggest incentive,” said Chen, also a Taiwanese national.

Biolegend, a U.S.-based developer and manufacturer of antibodies and reagents used for biomedical research, plans to set up a research and development center in the Hsinchu Biomedical Park in northern Taiwan, and will recruit 100 to 150 researchers and developers with master’s or doctoral degrees, according to Chen.

The talented workforce is also what drew German specialty chemicals company Evonik Industries AG to Taiwan.

Evonik Chairman Thomas Zechel said that by investing in Taiwan, his company not only has the chance to work with local businesses in a wide range of industries but also take advantage of Taiwan’s talent bank.

Zechel praised Taiwan for having important market shares in the global supply chains of many industrial sectors, including in semiconductors, functional textiles, automotive parts and electronic components. 

By Liao Yu-yang and Elizabeth Hsu