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Taiwanese investment soars in Southeast Asia |
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News |
June 2, 2000
TAIPEI, JUNE 1 (AP) - Taiwanese investment in Southeast Asia increased 106 percent to U.S. dlrs 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 U.S. dlrs 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 U.S. dlrs 94 million from Taiwanese investors, a 13-fold surge, the ministry said.
Investment in Singapore surged three fold to U.S. dlrs 92 million, and investment in Vietnam increased 120 percent to U.S. dlrs 58 million, it said.
But Taiwanese investment in the Philippines dropped by 72 percent to U.S. dlrs 390,000 because of concerns about the country's government red tape and an air dispute between the two countries, the report said.
Investment in Indonesia fell 37 percent to U.S. dlrs 17 million, because of concerns about political instability and labor strikes, the report said.
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