MOEA inks letters of intent with 13 foreign companies

Staff writer, with CNA

Tue, Oct 09, 2012 - Page 14

The Ministry of Economic Affairs (MOEA) signed letters of intent with 13 foreign enterprises yesterday in the fields of medical services, banking and insurance, car rental, design services, wholesale, retail and manufacturing.

The 13 were among 61 foreign enterprises that expressed interest in investing in Taiwan at the ministry’s annual global business conference held yesterday, ministry officials said.

The agreements represent a total investment of NT$85 billion (US$2.9 billion) and the creation of 4,630 jobs over the next three years, the ministry said.

Five of the companies are from the US and four are European, with two from Japan and one each from Australia and the Cayman Islands, it added.

“Taiwan is breaking away from its former role as an OEM manufacturer and is moving toward the status of an advanced country with an economic structure based primarily on services,” Vice Minister of Economic Affairs Francis Liang (梁國新) said.

“By promoting the enabling of information technology and the internationalization of the service sector, we can strengthen investment in Taiwan from foreign service providers,” he said during his opening remarks at the conference.

President Ma Ying-jeou (馬英九) also urged foreign companies at the conference to increase their investment in Taiwan, saying that the country is transforming into an innovation-driven economy.

He said there are four factors that make Taiwan attractive to foreign investors: a high-quality labor force, research and development, innovation and the Economic Cooperation Framework Agreement with China.