TAIPEI (Taiwan News) — Economics Minister Kuo Jyh-huei (郭智輝) told legislators on Wednesday the ministry had not received an application from TSMC for its planned NT$3.29 trillion (US$100 billion) US investment announced early last month.

“The Department of Investment Review has not received (TSMC’s) application yet,” Kuo said, per FTV News. “I don’t know what is holding it up, you should ask TSMC.”

Taiwanese companies wanting to invest more than NT$1.5 billion overseas must receive approval from the ministry's review department. The department can reject proposals if it believes they would negatively affect national security or economic development, and in some other circumstances.

TPP Legislator Chang Chi-kai (張啓楷) asked Kuo if the department would review the investment application. Kuo said the department should “of course” review all investments according to law.

When asked about the application in March, Kuo said his ministry, the president, the National Security Council, the Cabinet, and other government agencies were reviewing the investment. He said Taiwan’s chip companies would not send their most advanced processes abroad, and would always remain one generation ahead of overseas investments.

Kuo also discussed US-Taiwan trade negotiations on Wednesday, and said increasing US natural gas imports would depend on domestic demand. He noted that CPC, Taiwan, and Alaska signed a letter of intent to increase natural gas trade, adding that he could not provide further details on the negotiations before they concluded.

President Lai Ching-te (賴清德) on Tuesday said increasing US natural gas and oil imports will be a focus in upcoming Taiwan-US tariff negotiations. Kuo first raised the idea in February after Japan agreed to increase US natural gas imports to reduce its trade deficit.