Taipei, Oct. 8 (CNA) Twenty-three foreign companies signed letters of intent with Taiwan's Ministry of Economic Affairs (MOEA) on Monday in which they committed to invest at least NT$54 billion (US$1.75 billion) in the country over three years.
The letters were signed at the Taiwan Business Alliance Conference held by the MOEA in Taipei, with eight signed by Japanese companies and four by U.S. enterprises.
The investments from the 23 companies are expected to create more than 13,000 new jobs in Taiwan, and some of the pledged investments will help Taiwan upgrade its industrial base, according to the ministry.
U.K.-based microchip designer ARM Holdings plc is expected to inject funds into Taiwan's semiconductor sector, in particular in applications in artificial intelligence and the Internet of Things, while U.S.-based Entegris Inc. will invest in semiconductor material production, the MOEA said.
Boskalis of the Netherlands and Geosea of Belgium are planning to invest in Taiwan's offshore wind power development, while Swiss dental implant supplier Straumann and SHL from Sweden are planning to invest in Taiwan's biotech industry.
Among the other companies that signed investment pledges were Japanese enterprises LINE Corp., Mitsubishi Electric, Mitsui Fudosan, Senju Electronic and sushi vendor Sushiro, the MOEA said.
Speaking at the signing ceremony, President Tsai Ing-wen said the government is working to improve Taiwan's investment environment in the hope of working with foreign partners to grow and ensure prosperity for the next generation.
One of the initiatives is the "5 plus 2 Industrial Innovation Program," which is aimed at boosting Taiwan's competitiveness, Tsai said, and she said she believed those efforts will help Taiwan meet the challenges of the rapidly changing global economy.
The "5 plus 2" innovation industry program refers to the Internet of Things, biotechnology, green energy, smart machinery, and defense, coupled with high-value agriculture and a circular economy.
Economic Affairs Minister Shen Jong-chin said many potential foreign investors want to take advantage of the 5 plus 2 program to tap into future opportunities.
Shen said Taiwan's achievements in high-tech development, in particular in the semiconductor industry, have also encouraged foreign investors to invest in the country.