Government-approved foreign direct investment (FDI) in the first seven months of this year rose by more than 200 percent from a year earlier, due to investment pledges by offshore wind power developers.

Approved FDI totaled US$9.69 billion over the period, 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, Investment Commission figures showed on Monday.

The growth in approved FDI largely resulted from the government’s push for green energy development, with three wind power investment applications accounting for about 43 percent of the total FDI in the first seven months, the commission said.

During the period, the commission issued approved an application by Denmark’s Orsted Wind Power TW Holding A/S to invest NT$93.66 billion (US$3.09 billion) in offshore wind projects in Taiwan.

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

Companies from countries covered by the government’s New Southbound Policy gained the commission’s approval to invest a combined US$1.52 billion, up 327.54 percent from a year earlier.

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

The policy aims to enhance trade and exchanges with 16 countries in Southeast and South Asia, as well as Australia and New Zealand, to reduce Taiwan’s dependence on China.

Meanwhile, approved investments by China-based companies totaled US$17.698 million in the first seven months, down 36.52 percent from a year earlier, the commission said.

The value of Taiwan’s approved foreign-bound investments in the first seven months fell 33.89 percent from a year earlier to US$5.02 billion.

The commission approved US$2.25 billion of investment bound for policy countries, down 55.71 percent from a year earlier, with Singapore, Australia and Vietnam the major destinations.

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

Staff writer. (Aug. 25, 2022). Wind farm projects drive foreign direct investment. TAIPEI TIMES. https://www.taipeitimes.com/News/biz/archives/2022/08/25/2003784097