Taiwan Will Sustain Close Engagement With US On Semiconductor Industry - Economic Minister

Fahad Shabbir (@FahadShabbir) Published October 12, 2022 | 12:00 AM

WASHINGTON (UrduPoint News / Sputnik - 12th October, 2022) Taiwan will sustain its partnership with the United States and other countries on advancing semiconductor manufacturing amid global supply chain concerns and heightened tensions in the Indo-Pacific region, Taiwanese Minister for Economic Affairs Wang Mei-Hua said on Tuesday.

"Taiwan will continue to work closely with our global partners, especially the United States, to engage in the development of advanced semiconductor manufacturing," Wang said during an interview with the Center for Strategic and International Studies.

Taiwan's semiconductor manufacturing industry is both essential to the global high-tech economy and reliant on other countries for success, Wang also said. If Taiwan were to become involved in a conflict, market impacts would be felt across the world, including in the US and China, Wang said.

The statement comes following increased competition between Washington and Beijing in the semiconductor industry and Indo-Pacific region alike.

US President Joe Biden in August signed legislation authorizing $52 billion in subsidies for domestic semiconductor manufacturing in an effort to counter Chinese advancements in the area.

The global semiconductor supply chain was stressed by the COVID-19 pandemic and subsequent public health measures in China and elsewhere, prompting countries to review and revise their approach to sourcing the products, which are essential to modern computing technologies.

Additionally, US-China relations were strained in recent months due to visits by US lawmakers, including House Speaker Nancy Pelosi, to Taiwan despite objections from Beijing. The disagreement resulted in increased Chinese military activity around the island, as well as condemnation of the trips.

US-Taiwan relations under the Biden administration are robust and continuing to grow, Wang said. The US and Taiwan are engaged in a lot of dialogue, including on supply chain cooperation, according to Wang.