TAIPEI - The total cross-Straits investment by mainland and Taiwan enterprises rose significantly in the first 10 months of this year, according to the island's economic affairs department.

From January to October, investment in the mainland by Taiwan enterprises increased by 47 percent year on year to $4.71 billion, the department said in a press release earlier this week.

In October alone, the authority approved investment projects involving $490 million, up 29 percent year on year.

The top five destinations for investment from Taiwan were Jiangsu, Fujian, Shanghai, Zhejiang and Guangdong, the statement said.

Of the industries involved, the manufacturing of electronic components attracted the greatest investment, it added.

Meanwhile, Taiwan authorities approved 83 investment projects by mainland enterprises in Taiwan during the first 10 months, and the total funds involved rose by 36.9 percent year on year to $120 million.

Taiwan has approved a total of 1,454 investment projects from the mainland, involving $2.41 billion, since the island allowed mainland investment in June 2009. Wholesaling and retailing, electronic components and banking have attracted the most investment.?