Taipei, Aug. 8 (CNA) A delegation organized by the Ministry of Economic Affairs (MOEA) that visited Japan last week is expected to solicit investment deals of up to NT$8 billion (US$265 million) for Taiwan, the ministry said Tuesday.
The delegation, led by Deputy Minister of Economic Affairs (MOEA) Shen Jong-chin, visited Japan July 31-Aug. 4, with the aim of attracting Japanese funds into a wide range of industries in Taiwan.
After visiting several major Japanese enterprises, including high- tech giant Toshiba and beauty product supplier Kao, the MOEA said that Taiwanese firms are expected to strike deals valued at between NT$6 billion and NT$8 billion with their Japanese counterparts.
At a time when Taiwan is pushing for public infrastructure works, including renewable energy development and rail transportation, the MOEA said that the delegation paid the visit to Toshiba in the hope that the Japanese company will inject funds and provide technology in Taiwan's wind power turbine development and a rail transportation upgrade.
The ministry said that Taiwanese firms are hoping to join the Toshiba supply chain and team up to penetrate the Southeast Asian market, which has been targeted by the government's New Southbound policy.
The New Southbound Policy is aimed at strengthening ties with Southeast Asia and South Asia in a bid to lower the country's economic dependence on China after the pro-independence Democratic Progressive Party took office in May 2016.
The delegation also set its sights on cooperation with the Japanese semiconductor and flat panel industries, the MOEA said.
According to the ministry, Taiwanese firms have urged major Japanese IC and flat screen firms and related potential investors, such as ULVAC Technologies Inc., Shin-Etsu Chemical Co. and TDK, to expand their investments in Taiwan by pouring more funds into research and development.
As for the cosmetic business, the MOEA said, Kao and Shiseido are planning to expand their production in Taiwan, a move that could strengthen their presence in the greater China market by expanding the role played by Taiwan in their global supply chains.
The MOEA said that the delegation also visited Bandai Namco Entertainment Inc., the largest gaming developer in Japan, to encourage the Japanese firm to set up a virtual reality amusement park -- VR ZONE -- in Taiwan.
Bandai Namco opened VR ZONE in Tokyo's Shinjuku in July. The amusement park is the largest VR amusement park in the world, according to the MOEA.
The MOEA said that VR ZONE also represents cooperation between Bandai Namco and Taiwan's smartphone vendor HTC Corp., which has launched its first VR headset, the HTC Vive.
