Taiwan’s minister of economic affairs discloses priorities

Total investment in Taiwan by reshoring businesses has reached NT$800 billion (about US$26.5 billion)

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Minister of Economic Affairs Shen Jong-chin (right)

Minister of Economic Affairs Shen Jong-chin (right) (CNA photo)

TAIPEI (Taiwan News) — Minister of Economic Affairs Shen Jong-chin (沈榮津) said on Wednesday that his work priorities for this year are to facilitate investment by reshoring Taiwanese businesses and to increase job opportunities for the people, CNA reported on Wednesday (Jan. 23).

The total investment in Taiwan by reshoring businesses has reached NT$800 billion (about US$26.5 billion), the minister noted.

Speaking to Taiwan's industrial strength, Shen said that multinational corporations such as Facebook, Google, Amazon, and Nvidia have invested in Taiwan, making the island an important research center for emerging technologies, according to the report.

With regard to the semiconductor sector, the minister went on to say that Taiwan Semiconductor Manufacturing Company’s (TSMC) five-nanometer chips have reached a yield of 90 percent, exceeding those of Samsung and Intel, the report said.

To ensure Taiwan’s leading position in advanced manufacturing processes, the country’s semiconductor sector will invest NT$2.7 trillion in the future, making the country an advanced semiconductor advanced manufacturing process center, said the minister.“The water and electricity required for our semiconductor manufacturing is ready,” he added.