Taiwan on Tuesday approved 185 million US dollars in China-bound investment projects amid appeals for a relaxation in restrictions toward the mainland.
The economic ministry gave the green light to 23 applications for investment on the mainland by Taiwan companies, including Acer Periperals, Yulon Motor and China Development Petrochemical.
Acer Periperals, a flagship enterprise of the Acer Group, was allowed to invest 10 million dollars in a computer part venture in Suzhou in China's Jiangsu province.
Yulon will channel 11.25 million dollars to China's Fengshen Motor in Guangzhou - a unit of Dongfeng.
The ministry also allowed two other overseas investment projects worth 577.17 million dollars, including Taiwan Semiconductor Manufacturing Company's (TSMC) application to invest in the US and United Microelectronics Corp's (UMC) semiconductor venture in Japan.
TSMC, Taiwan's largest microchip maker, was given the greenlight to invest 494.17 million dollars in the Wafer Tech in the US and UMC to inject additional 83 million dollars to Japan's Trecenti Technologies Inc.
Taiwan currently bans projects worth more than 50 million US dollars and investments in the hi-tech and infrastructure sectors.
Local businessmen had urged the authorities to remove investment restrictions to allow them to position themselves ahead of China's accession to the World Trade Organization (WTO), expected early next year.
According to official Chinese figures, Taiwanese companies have poured 45 billion US dollars worth of investments into the mainland.
Taiwan and China are still technically at war since their separation in 1949 after a bitter civil war -- TAIPEI (AFP)
© 2000 Al Bawaba (www.albawaba.com)
