TAIPEI (Taiwan News) — A spokesperson for the Cabinet said information about overseas investment applications will be made public after manufacturers submit them, when asked about TSMC’s plan to invest NT$3.29 trillion (US$100 billion) in the US on Thursday.

Speaking at a regular post-Cabinet press conference, Lee Hui-chih (李慧芝) declined to provide further information on the economic ministry Department of Investment Review’s position on the planned investment, per CNA. Lee did not confirm if TSMC had applied to the department for approval or not.

By law, Taiwanese companies seeking to invest more than NT$1.5 billion overseas must apply to the economic ministry for approval. The ministry can reject the application if it believes the investment will affect national security, adversely impact Taiwan’s economic development, and in some other circumstances.

After TSMC announced the investment on Tuesday, Lee said the government viewed overseas investment positively if it contributed to Taiwan’s globalisation and competitiveness, per Reuters. Premier Cho Jung-tai (卓榮泰) then said Taiwan would not produce its most advanced chips in the US next year.

Meanwhile, Taiwanese analysts have said TSMC’s new investment would not significantly weaken Taiwan’s advantage.