Bicycle maker Giant Manufacturing Co (巨大) yesterday secured approval from the Ministry of Economic Affairs to invest more than NT$5 billion (US$161.8 million) in the local market, which would create more than 290 jobs, the ministry said in a statement.
Giant is to become the latest firm to join the government’s three-year Welcome Taiwanese Companies Abroad to Invest in Taiwan Action Plan (歡迎台商回台投資行動方案), which provides firms with assistance in the areas of taxation, financing, land, utilities and labor to encourage them to relocate back to Taiwan.
The ministry said that it has approved 13 companies’ applications to join the program.
Those companies have collectively pledged NT$37.4 billion in inbound investments and vowed to create a total of more than 4,200 jobs, it said.
“Currently, 10 companies’ applications are awaiting review, while more than 30 firms are considering joining the program. The number of applicants is expected to continue increasing,” the ministry said.
Giant, which has eight production bases worldwide, has decided to invest in research, production and marketing in Taiwan due to high tariffs that have resulted from a US-China trade spat and EU anti-dumping tariffs on electric bicycles exported from China, the ministry said.
The company, headquartered in Taichung’s Dajia District (大甲), plans to adjust its manufacturing capacity and expand intelligent production lines at its Dajia plant, as well as build a new research and development facility in the Taichung Science Park (台中科學園區) and an automated logistics center in Dajia, the ministry said.