TAIPEI (Taiwan News) — Levels of foreign direct investment (FDI) in Taiwan dropped by over 80% in January compared to the same period last year, but the sharp drop was mainly due to the base effect caused by a NT$10.56 billion (US$347.4 million) investment in offshore wind projects in January 2022.

That is according to statistics released by the Ministry of Economic Affairs on Monday (Feb. 20) which also said that 161 FDI projects with a total of over NT$8.8 billion (US$291.6 million) were approved in January 2023.

Four cases of investment from China were approved with an amount of NT$28.8 million in January 2023, representing a decrease of 80.67% in the dollar amount compared to the same period in 2022. From July 2009 to January 2023, 1,560 cases were approved with a total investment of NT$78 billion.

A total of 36 outbound investment projects (excluding China) were registered in January with a total amount of NT$12.77 billion, an increase of 1.95% compared to the same period in 2022. Approved applications for investment in China reached 27 in January, indicating a decrease of just under 36% compared to the same period in 2022.

FDI in Taiwan hit a 15-year high in 2022, according to ministry statistics, which were also attributed to large investments in offshore wind power.