By Caribbean News Global
TAIPEI, (Taiwan Today) – The government of Taiwan three major investment promotion projects help local firms upgrade their operations and delivered impressive results in 2023 despite global uncertainties, the Ministry of Economic Affairs (MOEA) said August 5.
On July 1, 2019, the government launched three major investment programs designed to give Taiwanese businesses greater confidence to invest in Taiwan, which include a new iteration of the “Action Plan for Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan” (abbreviated as “Welcome Back Action Plan”), and the other two new “Action Plan for Accelerated Investment by Domestic Corporations” and “Action Plan for Accelerated Investment by SMEs”. These programs provide assistance measures such as land rent concessions and project loans, while InvesTaiwan offers customized single-window services.
“The negative impacts of sustained high inflation around the world, COVID-19 and the Russia-Ukraine war continued to be felt in 2023. These challenges caused labor shortages and led to an increase in raw material prices, which saw construction costs rise by 20 to 30 percent and kept many investment projects from coming to fruition” according to the MOEA.
Despite these difficulties, MOEA reports:
“Taiwan’s economy remained on track thanks to government strategies that facilitated financing and resolved legal and taxation issues, among other measures,” the ministry said. “Statistics from this month show that the three projects have attracted investment plans from 1,518 firms totaling NT$2.33 trillion (US$71.4 billion), or 97 percent of the policy target of NT$2.4 trillion.”
“Ninety-five percent of the 593 firms pledging to invest by the end of 2023 honoured their promises, and have created 153,000 new jobs in the process. The positive developments have also attracted additional investments from local firms in the artificial intelligence and electric vehicle sectors,” MOEA added.
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