Cross-Straits investment soars in first 8 months

TAIPEI -- The amount of investment in the mainland by Taiwan enterprises and vice versa increased notably in the first eight months of this year, the island's economic affairs department said Monday.

In the January-August period, the amount of investment in the mainland by Taiwan enterprises increased by 49.5 percent year on year to $3.86 billion, the department said in a press release.

In August alone, the authority approved investment projects involving 324 million dollars, up 26 percent year on year.

The top five destinations for Taiwan's investment were Jiangsu, Fujian, Zhejiang, Guangdong and Shanghai, the statement said.

Of the industries involved, manufacturing of electronic components attracted the most investment funds, it added.

Meanwhile, Taiwan authorities approved 71 investment projects by mainland enterprises in Taiwan during the first eight months, and the amount of funds involved rose by 54.2 percent year on year to 118 million dollars.

The amount of investment by mainland firms in Taiwan in August soared by 269 percent year on year, reaching 60.15 million dollars.

Taiwan has approved a total of 1,442 investment projects from the mainland, involving 2.43 billion dollars, since the island allowed mainland investment in June 2009. Wholesaling and retailing, electronic components and banking have attracted the most investment.