Increased Investment! Taichung is the Top Choice for International Corporations, and Again Tops in Business Performance Indicators

Taichung has become a key hub for foreign investment, with benefits gradually materializing as international corporations continue to set up operations. Notable companies include technology giants Micron, TSMC, and AUO; commercial entities such as MITSUI FUDOSAN, COSTCO, and IHG; and offshore wind power companies like ORSTED and CIP (Copenhagen Infrastructure Partners), which is investing in the Feng Miao Offshore Wind Farm. These investments are sparking growth across related supply chains and fostering robust industrial development. According to the recently released third-quarter data for 2024 from the Ministry of Economic Affairs (MOEA), Taichung ranks first in six key indicators, including the number of businesses and capital growth, compared to the same period last year, leading all six major cities.

Since Mayor Lu Shiow-Yen took office, Taichung has consistently ranked number one across various MOEA economic indicators for 20 consecutive quarters. For Q3, the latest data show that registered businesses increased by 4,051, or a growth rate of approximately 3.08%. The capital for new business registrations rose by NT$1.183 billion, with a growth rate of approximately 4.83%. Registered corporations increased by 4,071, with a capital growth rate of around 5.41%. The professional, scientific, technical, and wholesale and retail industries led in the increase of registered businesses.

The Taichung City Government noted that the growth in company and business registrations in Taichung City has primarily benefited from the strong demand in global manufacturing, particularly in artificial intelligence, high-performance computing, and cloud industries. This trend has spurred related supply chain industries, alongside growth in service sectors such as professional, scientific, and technical services, and financial and insurance industries. Additionally, seasonal sales opportunities, department store anniversaries, and Mayor Lu’s active promotion of major festive events, such as Red Bull Showrun Taichung and the Taichung Shopping Festival, have encouraged businesses to increase investment. Recently, the ribbon-cutting of the new “InterContinental Taichung” Hotel, a world-class establishment, highlights this economic boom and contributes significantly to Taichung's vibrant economic development.

The Taichung City Government also mentioned that the city government is promoting the "festival economy" this year. This includes concluded Taichung Hotpot and Grill Festival, which boosted restaurant sales by 30%, as well as the Market Consumption Voucher. The second round of vouchers, set to be distributed from November 21 to 23 at local markets, night markets, shopping districts, and industry story halls, offering citizens discounts equivalent to half-price shopping. Meanwhile, the ongoing Taichung Shopping Festival has brought together over 10,000 participating stores, including department stores, chain restaurants, markets, and night market stalls, providing a wide variety of discounts on food, clothing, hotel accommodation, transportation, and entertainment. As of the third week of the event, consumer spending registrations through TCPASS have been already near NT$10 billion, signaling a potential consumption surge as more industries join in. This "festival economy" aims to boost overall commercial momentum, and the city government will continue collaborating with industries to enhance the investment environment, driving sustained economic growth for Taichung.