Ministry Approves Chenming NT $ 1.9 Billion Investment


FINANCIAL INCENTIVES:
Computer Server Enclosure Maker to Invest in Factory in Northern Taiwan, Part of Ministerial Program to Encourage Local Businesses

  • By Chen Cheng-hui / Journalist

The Ministry of Economic Affairs on Friday approved the request of mechanical parts maker Chenming Electronic Tech Corp (晟 銘 電子) to invest NT $ 1.9 billion ($ 68.5 million) under the ministry’s three-year program. aimed at inducing Taiwanese companies abroad to invest in Taiwan.

Chenming Electronic, which specializes in computer and server enclosures, plans to set up an automated factory in northern Taiwan as it considers the growing business opportunities brought by the Internet of Things, artificial intelligence and 5G technology, the ministry said in a statement.

The company also aims to focus on systematic research and development of server enclosure products and develop high automation process technology through this investment, he said.

The investment is expected to generate 100 job opportunities for local talent, he added.

This is the second investment request from Chenming Electronic to be approved by the ministry, after last year for the establishment of an automated factory in Taiwan to become more competitive, the ministry said.

The company, headquartered in Taipei’s Neihu District (內 湖), has manufacturing facilities in China and sales offices in the United States.

It has decided to expand its operations in Taiwan to meet customer demands to diversify its production in order to reduce risks amid trade tensions between the United States and China, the ministry said.

The ministry also approved investment requests from six other companies: diode maker Formosa Microsemi Co (美麗 微 半導體), China General Plastics Corp (華夏 海灣 塑膠), steelmaker Wa Ta Her Co (萬 大 禾 鋼鐵), the recovered solid fuel developer Perfect. & Outstanding Technology Inc (瑋 傑 科技), Tosei Seafood Co (東 晟 水產) and Titan Star International Co (立 捷 國際), a developer of security systems and sensors.

On Friday, the ministry had approved claims from 998 companies for a combined NT $ 1.34 trillion since the incentive program launched in early 2019.

The investments are expected to create 113,702 jobs, while another 52 companies are awaiting approval, the ministry said.

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