NT$288 billion investment pledged by returning Taiwanese firms: MOEA

Taipei, May 16 (CNA) More than NT$288.4 billion of investment has been pledged by Taiwanese firms planning to return home as of Thursday, when three more firms responded to a government effort to attract investment from overseas Taiwanese firms returning to the country, according to the Ministry of Economic Affairs (MOEA).

The three companies -- materials producer DingZing, optical lens supplier Ability opto-Electronics Technology co. Ltd. (AOET) and welding and wire company Kuang Tai Metal Industrial Co. (Kuang Tai), Ltd. -- are expected to invest over NT$8.9 billion and create about 900 new jobs, the ministry said.

DingZing, which has operations in China, the United States and Vietnam, plans to invest over NT$2 billion in Taiwan, establishing facilities in Pingtung to produce advanced optical products, which will create 320 new domestic jobs, the MOEA said.

Meanwhile, AOET plans to invest more than NT$4 billion in Central Taiwan Science Park in Taichung by establishing new facilities with automated machinery and equipment, while recruiting a workforce of over 500, the MOEA pointed out.

Kuang Tai will invest NT$2.4 billion in facilities in Kaohsiung to expand its production and investment in high value-added medical products, while creating 50 new domestic jobs, the MOEA said.

Since the launch of the "Action Plan for Welcoming Overseas Taiwanese Businesses to Return to Invest in Taiwan" in January, the MOEA has approved investment applications submitted by 55 companies, with total investment of more than NT$288.4 billion, which is expected to translate into 28,500 new jobs, according to the MOEA.

A government goal to attract NT$250 billion in investment from overseas Taiwanese firms returning to the country in one year was doubled to NT$500 billion on May 9, after the cumulative total reached NT$279.5 billion that day.