TAIPEI (Taiwan News) — A three-year program to attract local businesses back from overseas to invest in Taiwan will be extended until the end of 2024 with a target of NT$900 billion (US$32.44 billion), the government said Thursday (Dec. 23).

Taiwan launched the program in 2019 amid a trade war between Washington and Beijing, expecting businesses that wanted to avoid tariffs by moving production out of China back to Taiwan. New investment pledges over the next three years are expected to result in the creation of 40,000 jobs, CNA reported.

During the original program, the government approved investment pledges by 1,109 companies for a total of NT$1.55 trillion, resulting in more than 123,000 new jobs.

However, the new phase of the investment promotion campaign will also include requirements to work toward the nation’s goal of net zero carbon emissions by 2050. The government said it would evaluate applications based on factors such as the use of green energy, renewable energy equipment, recycling, and low carbon output.

According to officials, each application will be considered on its merits, and different criteria will be used for large businesses and for small- and medium-sized enterprises.