Taiwan received NT$286 billion (US$9.5 billion) in foreign investments last year, with 23,938 jobs generated as a result, according to the Ministry of Economic Affairs Feb. 7.
The outcome was US$500 million more than the US$9 billion target the MOEA had set at the start of 2011, the ministry added.
“The Cross-Straits Economic Cooperation Framework Agreement (ECFA), which significantly lowers customs duties on Taiwanese exports to mainland China, really helped our business promotion efforts,” said Ling Chia-yu, director-general of the MOEA Department of Investment Services.
“We expect that ECFA will continue to attract foreign investments in 2012,” Ling added.
According to the MOEA, the U.S. was Taiwan’s largest investor last year, accounting for 33.48 percent of the total, with investments worth US$2.15 billion. Singapore came in second at US$1.02 billion, followed by Japan at US$0.97 billion.
Foreigners invested most heavily in the financial and insurance service industries, the MOEA said. The computer, electronics and optical products industries also saw considerable capital inflows last year.
As the service sector accounts for more than 70 percent of Taiwan’s gross domestic product, in the future the MOEA will make a concerted effort to woo service sector companies, according to Ling.
“We will focus especially on the world’s top 500 service companies, such as business consultancies and marketing intelligence agencies,” he said.
The MOEA said its target for total foreign investments this year is US$9.2 billion.
“To reach our goal, we will send business promotion delegations to major markets in Asia and Europe, and encourage international corporations to establish R&D centers here by highlighting our competitive human resources,” Ling said.
In related news, the MOEA said it hopes to persuade Taiwanese business currently operating in mainland China to return to Taiwan and invest NT$50 billion at home in 2012.
The ministry added that it hopes to attract NT$6 billion in investments from mainland Chinese enterprises this year. (HZW)
Write to Aaron Hsu at pj1210meister@mail.gio.gov.tw