TAIPEI (Taiwan News) — Officials from a body administering US$39 billion (NT$1.26 trillion) in funds for semiconductors are visiting Taiwan to tell local businesses about opportunities, the American Institute in Taiwan (AIT) said Friday (Oct. 27).

After U.S. President Joe Biden signed the CHIPS and Science Act of 2022 into law, the U.S. has been stepping up its efforts to raise the country’s share in the semiconductor industry, according to a statement on AIT’s Facebook page. One of the two bodies in charge of the funding, the CHIPS Program Office, sent senior officials to Taiwan to tell manufacturers about the program, AIT said.

The Biden administration had reportedly not yet decided where the funds would go, as the efficiency of the process is deemed more important than the speed of the distribution of funds, per CNA.

The world’s top contract chipmaker, Taiwan Semiconductor Manufacturing Co. (TSMC), has not reached an agreement about subsidies yet for its Arizona fab project. Responding to questions from lawmakers Thursday (Oct. 26), Economics Minister Wang Mei-hua (王美花) said subsidies were an issue between the company and the U.S. authorities, but the Taiwan government would assist, if requested by TSMC.