DBS of Singapore Approved to Set Up Subsidiary in Taiwan

Taipei, March 3, 2011 (CENS)--Taiwan's Investment Commission of the Ministry of Economic Affairs (MOEA) lately approved the Development Bank of Singapore Ltd.'s investment of NT$10 billion (US$322.581 million) to set up a subsidiary in Taiwan, with the project being the largest inbound investment ever in Taiwan.

The Investment Commission officials said that DBS came to Taiwan in 2008 to acquire Bowa Bank, a financially-troubled Taiwanese bank, and only this year decided to set up a subsidiary.

Other foreign investors having been approved to invest in Taiwan this year include Japan's Furukawa Electric, Holland's DSM Neoresins Holdings B.V., and Cayman Islands-based Ampower Holding Ltd.

Furukawa will invest about NT$450 million (US$14.52 million) to establish Furukawa Circuit Foil Taiwan Corp. (FCFT) in Taiwan; while DSM recently remitted in NT$1.7 billion (US$54.84 million) to expand the capitalization of its firm in Taiwan; and Ampower invested another NT$600 million (US$19.36 million) in its high-tech firm to produce electronic parts.