Taiwan delegation secures NT$6 billion in new investment from US

Deputy economy minister Kung Ming-hsin led delegation to 3 US cities, securing billions in new investment

Kung Ming-hsin, left, signing investment agreement with Lin Ching-Yung, CEO of Graphen (Image courtesy of Graphen)

Kung Ming-hsin, left, signing investment agreement with Lin Ching-Yung, CEO of Graphen (Image courtesy of Graphen)

TAIPEI (Taiwan News) – A Taiwanese investment-seeking delegation secured NT$6 billion (US$0.2 billion) in new investment from the U.S. during a trip to three major U.S. cities from July 29 to August 5, Taiwan's Ministry of Economic Affairs said in a statement on August 5.

The delegation was headed by Taiwan's Deputy Minister of Economic Affairs, Kung Ming-hsin (龔明鑫) and visited New York, Chicago and San Francisco, forging ties and sharing information with businesses relating to semiconductors and Taiwan's 5+2 Industrial Innovation Plan.

During the visit, three U.S. companies signed letters of intent (LOI) with the Ministry of Economic Affairs, pledging to invest a total of NT$6 billion. The LOIs were signed with artificial intelligence (AI) company Graphen, semiconductor company Lam Research, and the world's largest electronic design automation company, Synopsys.

On July 31, Graphen committed to expanding its Taiwan office by establishing a new research and development center, with the view to hire dozens of Taiwanese AI specialists. The move comes after tech giants Amazon, IBM, Microsoft and Yahoo recently announced plans to invest in AI innovation centers in Taiwan.

During the visit, the delegation met with global giants Boeing, Celgene, Gilead, Johnson & Johnson, and Pfizer in a bid to improve collaboration in aerospace, artificial intelligence, biotechnology, and semiconductors.

The delegation also signed a Memorandum of Understanding (MOU) with the Chicago Taiwanese American Professionals association, as well as held four business forums to promote Taiwan as a place for business opportunities and investment. During these events, the delegation encouraged Taiwanese businessmen who live in the U.S. to return home, reported CNA.

The Ministry of Economic Affairs said the delegation learned that Taiwanese businesspeople operating in the U.S. are open to investing in Taiwan, but they want more support from the government to solve a host of investment-related problems in areas like support for the AI industry and land scarcity.