The government approved NT$12.8 million (US$432,000) in subsidies for Taiwanese businesses looking to invest in allied countries last year.
The foreign ministry says the government approved five subsidies in 2020, two of which were made by first-time applicants. The five subsidies were for investment plans in eSwatini, the Marshall Islands, and Palau. They cover ventures related to textiles, plastic packaging, tropical aquaculture, and hotels.
The foreign ministry says the subsidies will reduce setup costs for Taiwanese businesses looking to establish a presence in allied nations. It said that the investments help Taiwan on the diplomatic front because they create jobs and increase productivity in allied countries.
The foreign ministry says the government has approved 90 such subsidies since 1988. The average long-term return on investment for these plans is about tenfold. So far, they have created between 50,000 and 80,000 jobs.