Foreign direct investment (FDI) approved by the Department of Investment Review, excluding those from China, increased 88.94 percent year-on-year to US$1.11 billion last month, the Ministry of Economic Affairs said yesterday.
The ministry attributed the increase to Danish wind energy developer Copenhagen Infrastructure Partners K/S (CIP) gaining approval to increase capital in its Fengmiao (渢妙) offshore wind farm project.
FDI measures the investment activities of foreign firms, including the incorporation of a subsidiary or joint venture, a cash injection into a local unit, or mergers or acquisitions of domestic companies.
Photo: Liao Chia-ning, Taipei Times
CIP gained approval to increase the capital of CI Fengmiao Ltd (哥本哈根基礎設施渢妙股份) by NT$22.08 billion (US$675.3 million) and reinvested in Fengmiao Wind Power Co (渢妙離岸風力發電股份) for operations related to the Phase 3-1 Fengmiao Project in Taichung, the ministry said in a report.
The Fengmiao offshore wind farm is about 36km off Taichung. It has been awarded a 500 megawatt grid capacity by the ministry with expected completion by the end of 2027.
Last month, approved FDI from New Southbound Policy countries decreased 11.01 percent annually to US$11.01 million, with Singapore, Australia and Myanmar being the main sources of investment, the ministry said.
The government initiated the New Southbound Policy in 2016. The policy aims to enhance Taiwan’s trade and exchanges with 18 countries in South and Southeast Asia, including Australia and New Zealand.
Over the same period, approved inbound investment from China jumped 3,050.06 percent to US$96.05 million as Hong Kong-based Garuda International Ltd (鵬鼎國際) was given approval to raise investment in its Taiwanese unit, Garuda Technology Co (鵬鼎科技), by NT$3 billion, it said.
Garuda Technology’s business is focused on the production of flexible printed circuit boards and the provision of surface-mount technology services, it added.
Meanwhile, approved outbound investment from Taiwanese firms, excluding those to China, fell 5.6 percent year-on-year to US$422.31 million last month, with those to New Southbound Policy countries decreasing 27.91 percent to NT$223.14 million, with Malaysia, Vietnam and Thailand the main destinations, while those to China dropped 4.39 percent to US$91.41 million, it said.
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