TAIPEI (Taiwan News) — Foxconn must aspire to become as much of a driving force of the Taiwanese economy as Taiwan Semiconductor Manufacturing Company (TSMC), said Foxconn founder Terry Gou (郭台銘).

Foxconn should strive to catch up to TSMC, which is “a pillar of Taiwan’s economy,” said Gou, referring to the epithet earned by the world’s largest semiconductor foundry. He made the remark in an address on Monday (Jan. 4) at the inauguration ceremony for Hon Hai Research Institute (鴻海研究院).

Hon Hai Precision Industry Co. trades as Foxconn Technology Group, or Foxconn.

According to Gou, Foxconn is reinventing itself as a next-generation manufacturer that will see its assembly lines expand to cover products used in autonomous driving and cloud computing industries, wrote Anue. He exhorted the company’s employees to look to TSMC as Foxconn transforms under the leadership of Chairman Young Liu (劉揚偉), who took the reins in July 2019.

He also broached the topic of Taiwan's low birth rate, urging the government to address the issue, which he fears will impact industrial development in the country, wrote CNA.

Hon Hai Research Institute is being touted as central to Foxconn’s reinvention. The institute has five branches, dedicated to artificial intelligence, semiconductors, next-generation networks, cybersecurity, and quantum computing research. Each will be staffed with 40 R&D employees, reported TechNews.