In response to a decrease in U.S. aid, the Industrial Development & Investment Center (IDIC) was established on December 1, 1959, under the Council for U.S. Aid (CUSA), at the direction of Vice President and Primer, Chen Cheng. It aimed to attract foreigners and overseas Chinese to invest in Taiwan and improve the investment environment. In 1963, the CUSA was reorganized into the Council for International Economic Cooperation and Development (CIECD). The IDIC was part of this merge and the name was changed to the Department of Investment Services. In 1973, CIECD was reorganized into the Economic Planning Council (EPC). The Department of Investment Services became a subordinate of the Ministry of Economic Affairs and has continued its work to improve the investment environment and attract foreign companies to invest in Taiwan. In accordance with the Government organizational transformation, the name of the agency was renamed to the Department of Investment Promotion (DOIP) on September 26, 2023.
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