A group of 20 businesses have pledged to invest more than NT$30.5 billion (roughly US$1 billion) in the Taoyuan Aerotropolis project. The Taoyuan Aerotropolis is a major development planned for Taiwan Taoyuan International Airport.
The businesses and Taoyuan County Commissioner John Wu signed a letter of intent on Thursday at a meeting intended to drum up investment for the project. Wu said that he expects the project will attract even more investment over time.
"We’re contributing to the redevelopment of Taiwan’s economy. We can effectively use Taiwan’s advantageous geographical position," said Wu.
"We should also seize the opportunity the Aerotropolis has presented to us, and link it up with the central government’s economic transformation of Taoyuan and Taiwan. I hope that the Taoyuan Aerotropolis will achieve these goals," he said.
Wu said that the project will ultimately attract an estimated NT$500 billion (US$16 billion) in investment and create 300,000 jobs. He said that the project will start the economic engine of both Taoyuan and Taiwan.