TAIPEI (Taiwan News) — The U.S. tech diplomat Keith Krach said in Taipei on Friday (Aug. 11) the reshuffling of the global supply chain "is creating a great opportunity for Taiwan."
The former U.S. under secretary of state and Krach Institute chair, arrived in Taiwan on Wednesday (Aug. 9) to boost technological ties between the two countries. He is expected to meet senior government officials, tech industry CEOs, and academic leaders during the visit and to witness the launch of the Taiwan Center for Innovation and Prosperity.
Over the past three years, he said at Friday's press conference, many American companies have pulled out of China, partly because of the Chinese Communist Party's regulatory crackdown against homegrown tech giants.
Krach views favorably the trend of friend-shoring, which involves moving investment and production to countries considered allies by Western democracies to minimize trade disruptions. It comes as companies are looking for supply chain security and China has become a natural focal point.
Against this backdrop, it is creating a great opportunity for Taiwan, Krach said, and that is why he is here — to attend the launch of the Taiwan Center for Innovation and Prosperity formed under the banner of the Krach Institute for Tech Diplomacy.
Several collaboration agreements between the two countries' top universities to nurture tech talent and boost innovation have been signed under the center's auspices, he said.
The center will also serve to encourage more U.S. government investment in Taiwan and to pave the way for a free trade agreement with Taiwan, he added.
"Taiwan is a great place to invest," he said, with good governance and trustworthiness, in addition to its tech manufacturing prowess.
Before Krach's arrival, his office issued a statement citing democracy and technological innovation as reasons that underpin Taiwan’s critical role in the Krach Institute for Tech Diplomacy, Global Tech Security Commission, and Global Trusted Tech Network.