Taiwan would continue to enhance its role in global supply chains in a bid to join the US-led Indo-Pacific Economic Framework (IPEF), National Development Council Minister Kung Ming-hsin (龔明鑫) said.
In an interview with Voice of America, Kung said that global supply chains have undergone a restructuring amid US-China trade tensions and the COVID-19 pandemic.
Many Taiwanese companies have remained resilient during the restructuring, Kung said, adding that they benefited from the changes and ensured Taiwan’s economic growth.
Photo: CNA
The nation’s economy last year grew 6.57 percent and is expected to grow 3.91 percent this year, he said.
Taiwanese firms have been moving their production from China to Southeast Asia, North America, and central and eastern Europe, he said, adding that the changes are expected to bolster global supply chains.
Taiwan has become a role model in the global supply chain, and it will continue to bolster the resilience of its investors and strengthen their role in global supply chains, Kung said.
Taiwan is qualified to join the IPEF, he added.
The White House on May 22 announced that Taiwan had not been invited to join the IPEF, which was unveiled by US President Joe Biden a day later during his visit to Asia.
In the first round, 13 economies accounting for about 40 percent of the world’s GDP joined the trade pact: the US, Japan, Australia, New Zealand, Brunei, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
US National Security Adviser Jake Sullivan said Washington was looking to deepen its economic relationship with Taipei, in particular on “high-technology issues, including on semiconductors and supply chains.”
The IPEF focuses on four major themes: fair and resilient trade, supply chain resilience, infrastructure, clean energy and decarbonization, and tax and anti-corruption, with further details expected later.
Despite a lack of detail, Kung said the IPEF expresses the US’ intention to return to Asia by mapping out a strategy in the Indo-Pacific region.
Taiwan has already been working to improve its performance in the four areas identified by the IPEF, he said.
Based on the IPEF’s themes, Taiwan would promote building smart cities, improve cross-border privacy and endeavor to achieve net-zero carbon emissions by 2025, he added.
However, the nation cannot develop supply chains and enter new markets on its own, Kung said.
It has to cooperate with other nations, which is why Taipei is keen to seek bilateral or multilateral cooperation in global trade, he said.
Taipei and Washington resumed talks under the Trade and Investment Framework Agreement mechanism last year after a five-year hiatus.
Both sides have also hosted digital economic forums, Kung said.
Taiwan has also begun conducting closer economic exchanges with central and eastern Europe, he said.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS