The Ministry of Economic Affairs (MOEA) on Thursday approved four companies’ applications to join the government's Invest in Taiwan initiative, bringing the total to 1,082 companies pledging to invest more than NT$1.5 trillion (US$54.02 billion).

The ministry said the combined investments by those companies over the past three years are expected to create 121,226 jobs in the nation. The success of the initiative is proof that Taiwan is a good place to invest, it said in a statement.

Although the initiative is set to wind down at the end of this month, the ministry is considering extending it as more companies are looking to return home and expand their local operations, it added.

The four companies granted approval are power supply provider Acbel Polytech Inc (康舒科技), diode maker Formosa Microsemi Co (美麗微半導體), hardware and plastic injection company Jiin Ming Industry Co (錦明實業) and gear reducer solutions maker Transmission Machinery Co (傳仕精密機械).

Acbel Polytech, a subsidiary of Kinpo Group (新金寶集團), plans to invest NT$4.6 billion to build a new plant with smart and automated facilities in New Taipei City’s Tamsui District (淡水), the ministry said.

Formosa Microsemi plans to invest NT$500 million to upgrade its facilities at a plant in Yilan City; Jiin Ming is to invest NT$2.2 billion in a smart factory with eight production lines in Taoyuan’s Yangmei District (楊梅); and Transmission Machinery aims to invest NT$100 million to launch four new smart production lines at a plant in Tainan’s Shanhua District (善化), the ministry said.

This story has been modified since it was first published, which misstated that the combined investments by the four companies are expected to create 121,226 jobs in the nation in the second paragraph.

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