Taiwanese investment soars

Taiwanese investment soars

TAIPEI, Taiwan (AP): Taiwanese investment in Southeast Asia increased 106 percent to US$407 million in the first quarter as economies in the region began recovering from the Asian financial crisis, the government said Thursday.

Thailand was the top destination for Taiwanese investors, attracting US$145 million, a 28 percent increase from the same time last year, an Economics Ministry report said.

Taiwanese are investing more in Thailand's securities and financial sectors because the country's soaring wages have made industrial investment less attractive, the ministry said.

Malaysia was second on the list, pulling in US$94 million from Taiwanese investors, a 13-fold surge, the ministry said.

Investment in Singapore surged three fold to US$92 million, and investment in Vietnam increased 120 percent to US$58 million, it said.

Investment in Indonesia fell 37 percent to US$17 million, because of concerns about political instability and labor strikes, the report said.