Despite the continued economic slowdown, the government vowed to raise NT$1.001 trillion (US$29.7 billion) in private investments this year, slightly lower than last year’s goal of NT$1.080 trillion, Minister of Economic Affairs Yiin Chii-ming (尹啟銘) told reporters on Friday.
Total domestic investment projects reached NT$1.0882 trillion last year, 0.76 percent higher than the ministry had predicted, data released by the Ministry of Economic Affairs (MOEA) showed.
Last year, the ministry received 1,427 applications for major investment plans, while completed investment projects totaled NT$1.13 trillion, the ministry’s data showed.
At the briefing, Yiin took the opportunity to explain a series of actions being pursued or planned by the ministry to stimulate the local economy, including promoting the nation’s export processing zones (EPZ) and the renewable energy industry, helping small and medium enterprises gain easier access to capital and hosting international industry exhibitions.
To attract investors, the EPZs have recently set up a uniform platform comprised of four customer service groups — investment, operations, water/electricity and strategic alliances — and have on-site experts to address any concerns investors might have about customs, taxes and banking issues, Yiin said.
In addition, since 2001, the Industrial Development Bureau has attracted more than 1,126 businesses to invest in the renewable energy industry and has transformed local industrial waste into reusable energy, with 1,269 tonnes of waste processed last year alone, he said.
The renewable energy industry has an enterprise value estimated at NT$48.2 billion and is projected to grow by NT$17 billion in five year’s time.
Furthermore, Yiin said, through the Small and Medium Business Credit Guarantee Fund (中小企業信保基金), a company can secure a guaranteed loan of up to NT$120 million, which was raised from NT$100 million.
Also to boost the economy, four trade conventions will be hosted by the Board of Foreign Trade this year to enhance local business competitiveness, Yiin said.