The Ministry of Economic Affairs (MOEA) has approved an application filed by artificial intelligence (AI) chip designer Nvidia Corp to remit NT$3.3 billion (US$105 million) into Taiwan for an investment in a new Taipei office,.
The approval came just a day ahead of the scheduled arrival by Nvidia CEO Jensen Huang (黃仁勳), who is expected to attend a "Weiya" banquet slated for tomorrow. Weiya is a year-end dinner held by businesses before the Lunar New Year holiday, which begins on Feb. 14 this year.
The funds prepared by Nvidia will be used to raise the capital of Nvidia Iconic Taiwan Co (台灣輝達經典) and the increased capital will be allocated for the development of the company’s new Taipei office, which will be located in Beitou Shilin Technology Park (北投士林科技園區), the ministry’s Department of Investment Review said in a statement.
Photo: EPA
Late last year, Taipei City Government terminated a contract giving the surface rights to Shin Kong Life Insurance Co () for the T17 and T18 lots of land in the technology park, where the US company wanted to build its new office.
On Monday, the city government approved a plan to combine the two lots into one by eliminating a 15-meter wide road dividing the two parcels of land in a bid to give Nvidia a larger area for development. In addition, the city government also changed the use of the land as a special technology development section.
Other than attending Nvidia’s Weiya in Taipei, Huang is also expected to meet with Taiwanese tech heavyweights at a second dinner banquet on Saturday including Taiwan Semiconductor Manufacturing Co (台積電) chairman C.C. Wei (魏哲家).
The Taipei City Government is hoping to sign an agreement with Nvidia witnessed by Huang during his stay in Taipei.
In addition to Nvidia’s NT$3.3 billion plan, the MOEA also approved a NT$1.54 billion investment in Taiwan offshore wind energy development sector by UK-based Stonepeak Formosa 4-3 Holdings Co.
As for outbound investments, the ministry said it has approved a US$500 million investment by PC brand Asustek Computer Inc (華碩) in its subsidiary Asus Global Pte Ltd focused on sales of 3C products such as computer systems, motherboards, various board cards, tablets and smartphones.
The ministry said it has also approved telecom service provider Taiwan Mobile Co (台灣大哥大) to invest US$90 million in PACM CPT Media Ltd in the British Virgin Islands, which will use the funds to invest in US-based Paramount Skydance Corp for global video publication.
In addition, AI server and iPhone assembler Hon Hai Precision Industry Co (鴻海精密) secured approval to remit a total of US$575 million overseas to expand production of computers, smartphones and other electronics items.
Meanwhile, the ministry has also give the green light to CTBC Bank Co’s (中國信託銀行) investment of about US$63.85 million in consumer banking business in Xiamen, China.
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