2018-10-08
To attract foreign investment to Taiwan, the Ministry of Economic Affairs hosted the “2018 Taiwan Business Alliance Conference” at Taipei International Convention Center on October 8, 2018. The Conference was hosted by the Minister of Economic Affairs Jong-Chin Shen and President Ing-Wen Tsai attended the Conference as an honored guest. Minister Jong-Chin Shen also signed LOIs with 23 representative foreign companies at the Conference. The top three countries of the 23 signatory companies included Japan with 8 companies (35%) which was followed by the United States with 4 companies (17%), and Singapore and Switzerland in third place (9% each). There were also companies from New Southbound countries (e.g. Thailand).
The government began advancing the “5+2 Industrial Transformation Plan” such as the “Asia Silicon Valley”, “Smart Machinery”, “Green Technology”, “Biotechnology and Medicine”, “National Defense”, “New Agriculture”, and “Circular Economy” in 2016 for the development of key technologies and bridging gaps in the industrial chain such as artificial intelligence, Internet of Things, and smart manufacturing to attract foreign investment. These programs have attracted many multinational companies to invest and pursue business opportunities in Taiwan.
The LOI signatories in this event consisted mostly of related industries of the “5+2 Industrial Transformation Plan”. They included British company ARM which shall continue to invest in the semiconductor industry in Taiwan, particularly in related IoT and AI applications; Singaporean company UnaBiz invests in Taiwan for research and development of IoT technologies and devices; Japanese company LINE will expand investments in Taiwan; BVI company CHANGING.AI will establish a R&D center in Taiwan for the design and development of AI service system framework; Dutch company Boskalis will invest in offshore wind farms with Taiwanese companies; Belgian company Geosea NV will cooperate with Taiwan Shipbuilding Corporation in offshore wind farm construction; Energy Absolute PCL Group from Thailand will produce lithium batteries for electric vehicles in Taiwan; Straumann AG, the largest dental implant system manufacturer in Switzerland, will establish a branch company and R&D center in Taiwan; Jellice Pioneer Private Limited from Singapore will invest in the production and R&D of functional collagen products; Swiss company SHL will establish a subsidiary company for producing medical equipment in Taiwan.
Taiwan is a world leader in flat panel display and semiconductor industries and Taiwan specializes in process innovation and product commercialization. It also has a comprehensive industrial cluster and attracts investment from materials, equipment, and logistics operators in the manufacturing sector. For instance, American company Entegris has expanded its technology center and production in Taiwan to satisfy growing demands for industrial applications of microelectronics and high-end graphite products; Japanese company Senju Metal Industry has established a semiconductor materials plant in Taiwan; American solenoid valve producer MVT RE has established a plant in Taiwan; American company Innovion plans to set up a foundry ion implantation plant; German company DHL and Japanese company NRS Corporation plan to establish smart logistics warehouses in Taiwan.
Taiwanese consumers readily accept innovation and internationalization and it makes Taiwan a very suitable place for experimenting various service industries such as catering and food. Commercial infrastructure for shopping, leisure, and catering are also being developed in Taiwan which has attracted Mitsui Fudosan to invest in outlets as well as hotels in Taiwan; American company Expedia Group plans to concentrate related NTD transactions in offshore e-commerce to its subsidiary in Taiwan for processing; Daiwa House plans to construct commercial facilities in Taiwan; Minamishinshu Kashikobo established a dried fruit tourist factory in Taiwan; Turkish pastry and ice cream producer Mado and Sushiro from Japan established stores in Taiwan.
The MOEA’s LOI company selection was based on an inventory of gaps in Taiwan’s industrial chain to attract international companies with key technologies to invest in Taiwan. It mainly focuses on whether companies can provide key technologies, talents, and positive effects on job creation that connects to requirements in Taiwan’s innovative industries instead of on the investment amount. Among the LOI signatories were at least 4 Forbes Global 1000 companies and 9 public companies which came to Taiwan for investment and technology collaboration. They also created more than 13,000 jobs.
To promote the advantages and business opportunities in Taiwan’s investment environment and attract foreign investors, MOEA organizes large-scale investor events and organizes overseas investment missions headed by Deputy Ministers. The investment mission to the Americas was completed in the second half of July and the delegation visited 9 American companies including Lam Research, Synopsys, Boeing, and Pfizer and signed investment LOIs with 3 foreign investors. The investment mission to Japan was completed in mid-September 2018 and the delegation visited 9 Japanese companies including Kawasaki Heavy Industries, Mitsubishi Electric, and NEC. The investment mission to Europe is planned for the second half of October 2018.
The MOEA will continue to focus on key industries and foreign companies who own key technologies by providing customized services, visits by foreign missions, and organizing investment missions to promote foreign investment in Taiwan and upgrade Taiwan industries.
Department of Investment Services Spokesperson: Deputy Director Chen Hsiu-Chuan
Office Number: 02-2389-2111 Ext.: 810, 0988-368-187
Email: alexchen@moea.gov.tw
Contact Person: Lin Mei-Hsing, Section Chief
Telephone: 02-2389-2111 Ext. 210, 0988-158-298
Email: mhlin2@moea.gov.tw
Source： Department of Investment Services, MOEA
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