Taiwan's approved inward foreign direct investment (FDI) plunged in the first 10 months of 2009 compared to the same period last year, as result of the global economic recession, the Ministry of Economic Affairs (MOEA) reported Friday.Approved inward FDI for the Jan.-Oct period amounted to US$3.74 billion, down 46.43 percent from the year-earlier level, the MOEA report stated.
In October alone, approved FDI plunged 85.3 percent year-on-year to US$251.69 million, statistics from the MOEA's Investment Commission show.
However, MOEA officials predicted that the decline is about to ease as there are several large investment projects awaiting approval and which could help push up the total FDI to US$6.0 billion by the end of the year.
However, it would still not be enough to pull Taiwan's FDI out of a slump for the second consecutive year. In 2008, the total inward FDI of 2008 was US$8.24 billion, down 46.4 percent from 2007.
Following the deregulation of the market on June 30 to allow Chinese investment, 15 investment projects have been approved and investments from mainland China for the July-Oct period was valued at US$5.81 million, the Investment Commission statistics showed.
Meanwhile, in the first 10 months of the year, there was an overall drop of 33.95 percent in registered outward FDI, which was recorded at US$2.34 billion.
In terms of China-bound investment, the amount approved for the Jan.-Oct period was US$4.24 billion, down 49.2 percent year-on-year, with US$757 million approved for October, a decrease of 48.6 percent year-on-year, according to the MOEA report.
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