The Ministry of Economic Affairs yesterday raised its target for investment from China this year to US$400 million, from US$200 million, helped by growing investments from China following the relaxation of rules governing Chinese firms investing in local companies, including LCD manufacturers.
The ministry also plans to launch at least three roadshows in China to encourage Chinese investors to invest in Taiwan.
“We are confident that we can hit this target,” Deputy Director-General of Investment Services Kao Jen-kai (高振愷) told a press conference.
Kao said the signing of the Economic Cooperation Framework Agreement (ECFA) in 2010 has deepened business cooperation between Taiwan and China, giving a further lift to cross-strait trade.
The government’s third round of opening up the nation’s markets to Chinese investors is expected to further boost investment, Kao added.
The ministry plans to launch at least three small-scale roadshows in China this year to attract more Chinese investors, Kao said, adding that the ministry will invite industrial experts to participate in the events.
The ministry is targeting three sectors to solicit investments from China, including green energy, wholesale and retail, as well as tourism and hospitality.
Kao said that more than 50 percent of the investment from China was focused on the service sector, such as wholesale and retail, and tourism.
In addition, some investors have also shown an interest in the domestic financial sector and manufacturing sector, Kao added.
For this year, the ministry expects overall new investments from the private sector to reach NT$1.1 trillion (US$37.18 billion), it said in a statement.
As of the end of last month, new investment projects stood at 273, with a total investment of NT$128.3 billion, 11.66 percent of the ministry’s goal, statistics showed.
The ministry also said private investment reached NT$128.3 billion in the first two months, up 10.93 percent from a year ago.
That meant the ministry was well on track to reach this year’s private sector investment goal.
In January and last month, foreign firms invested a total of US$1.61 billion in Taiwan, accounting for 16.08 percent of the government’s target, the ministry said in a press release yesterday.
Additional reporting by Lisa Wang
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