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Offshore wind investment sends FDI higher in 1st seven months
 

08/23/2022 11:35 PMListen

Taipei, Aug. 23 (CNA) The amount of foreign direct investment (FDI) in Taiwan approved by the government rose by about 200 percent from a year earlier in the first seven months of 2022 due to funds pledged for Taiwan's offshore wind power development.

Approved FDI during the January-July period totaled about US$9.69 billion (NT$290.90 billion), up 201.84 percent from a year earlier, while the number of approved FDI applications fell 7.04 percent from a year earlier to 1,426, according to Investment Commission figures.

The significant growth in approved FDI largely resulted from the push for green energy development that has attracted foreign funds, the commission said, with three wind power investment applications accounting for roughly 43 percent of the FDI total during the period.

Over the first seven months of the year, the commission issued the green light to an application filed by Denmark's Ørsted Wind Power TW Holding A/S to invest NT$93.66 billion in Taiwan's offshore wind sector.

It also approved applications from Netherlands-based NP Hai Long Holdings B.V. and Denmark-based CI II Changfang K/S to pour NT$20.04 billion and NT$10.56 billion, respectively, into local offshore wind development.

Meanwhile, companies from countries under the government's New Southbound Policy secured approval from the commission to invest US$1.52 billion in Taiwan, up 327.54 percent from a year earlier.

The commission said the pledged investment largely came from Australia, Singapore and Thailand.

The New Southbound Policy aims to enhance trade and exchanges between Taiwan and 18 countries in Southeast and South Asia, as well as Australia and New Zealand, in a bid to reduce Taiwan's dependence on China.

Approved investments in Taiwan by China-based companies meanwhile, totaled about US$17.698 million in the seven months, down 36.52 percent from a year earlier during January-July, the commission said.

Since Taiwan lifted a ban on Chinese investments in June 2009, it has approved about US$2.55 billion in funds from China, according to the commission.

As for foreign-bound investments by Taiwanese investors, the approved amount fell 33.89 percent from a year earlier to US$5.02 billion in the first seven months of the year.

The commission approved a total of US$2.25 billion in investments bound for countries under the New Southbound Policy, down 55.71 percent from a year earlier, with Singapore, Australia and Vietnam the major destinations of the investments.

Approved China-bound investments rose 0.01 percent from a year earlier to US$2.11 billion during the seven-month period, the commission said.

(By Cheng Hung-ta and Frances Huang)

 

 

Link, https://focustaiwan.tw/business/202208230029

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