Approved foreign direct investment (FDI) fell sharply in the first eight months of this year, hit hard by the global economic recession that has only begun to ease in recent months.
Approved FDI totaled US$3.39 billion between January and August, down 32 percent from the year-earlier level, statistics released yesterday by the Investment Commission showed.
The commission approved 971 inbound investment projects by overseas Chinese and foreigners during the eight-month period, 26.61 percent fewer than the 1,323 projects approved over the same period last year, the statistics showed.
The decline was in line with a UN World Investment Report 2009 forecast that global FDI inflows this year would continue to contract as a result of a worsening of the financial and economic crisis last year.
The report predicted that Taiwan would experience the sharpest drop among “the four little dragons,” which include Hong Kong, South Korea and Singapore.
The report showed that FDI inflows to developing economies rose by 17 percent to US$621 billion last year, with US$300 billion of that flowing to South, East and Southeast Asia.
It also showed that FDI inflows to Hong Kong, China, India, South Korea and Hong Kong increased last year, but fell 30 percent and 28 percent in Taiwan and Singapore respectively.
Investment Commission statistics show that both the total amount of FDI in Taiwan and the total number of applications approved last year fell compared with the previous year.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
The growing popularity of Chinese sport utility vehicles and pickup trucks has shaken up Mexico’s luxury car market, hitting sales of traditionally dominant brands such as Mercedes-Benz and BMW. Mexicans are increasingly switching from traditionally dominant sedans to Chinese vehicles due to a combination of comfort, technology and price, industry experts say. It is no small feat in a country home to factories of foreign brands such as Audi and BMW, and where until a few years ago imported Chinese cars were stigmatized, as in other parts of the world. The high-end segment of the market registered a sales drop
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
RSS