The Ministry of Economic Affairs on Friday approved mechanical parts maker Chenming Electronic Tech Corp’s (晟銘電子) application to invest NT$1.9 billion (US$68.5 million) as part of the ministry’s three-year program to provide incentives for overseas Taiwanese companies to invest in Taiwan.
Chenming Electronic, which specializes in computer and server casings, plans to set up an automated plant in northern Taiwan as it eyes growing business opportunities brought by the Internet of Things, artificial intelligence and 5G technology, the ministry said in a statement.
The company also aims to focus on systematic research and development of server casing products, and develop high-automation process technology through the investment, it said.
The investment is expected to generate 100 job opportunities for local talent, it added.
It was the second investment application by Chenming Electronic to be approved by the ministry, following one last year to set up an automated plant in Taiwan to become more competitive, the ministry said.
The company, based in Taipei’s Neihu District (內湖), has manufacturing facilities in China and sales offices in the US.
It decided to expand its operations in Taiwan to meet customers’ requests that it diversifies its production to lower risks amid trade tensions between the US and China, the ministry said.
The ministry also approved investment applications by six other firms: diode maker Formosa Microsemi Co (美麗微半導體), China General Plastics Corp (華夏海灣塑膠), steel maker Wa Ta Her Co (萬大禾鋼鐵), solid recovered fuel developer Perfect & Outstanding Technology Inc (瑋傑科技), Tosei Seafood Co (東晟水產) and Titan Star International Co (立捷國際), a developer of security and sensor systems.
As of Friday, the ministry had approved applications from 998 companies for a combined NT$1.34 trillion since the incentive program was launched in early 2019.
The investments are expected to create 113,702 jobs, while another 52 firms are awaiting approval, the ministry said.
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