Citi Taiwan and Citibanamex, jointly organized a “Mexico Day”client forum in Taipei to demonstrate Citi’s strong support for clients existing and potential investments in Mexico and foster the further development of the Taiwan-Mexico trade corridor.
“Mexico is now the largest trading partner for the U.S. and it offers tremendous nearshoring benefits such as faster delivery to buyers, lower transportation costs and helping buyers achieve their just-in-time inventory management objectives. Citi has an exceptionally large presence in Mexico and is well-positioned to help our clients with their banking needs,” remarked Aftab Ahmed, Chairman of Citibank Taiwan.
Mexico has emerged as a preferred destination for Taiwanese businesses seeking to establish nearshoring supply chains for expanding into the U.S. market. Over 300 Taiwanese enterprises have ventured into the Mexican market across various sectors including cloud computing, industrial servers, computers, LED TV assembly, and automotive components. The bilateral trade value between Taiwan and Mexico surged from $5.386 billion in 2021 to $6.368 billion in 2023, marking an impressive 18% increase.
Susan Wang, Citi Taiwan Head of Corporate Banking, pointed out the rising trend of “Close to Home” seen across notable global multinational corporations. Mexico is a prime destination for global leading manufacturers due to its proximity to the U.S. market, potentially mitigating risks and costs associated with manufacturing. To support Taiwanese companies’ expansion plan in Mexico, Citi’s global teams are dedicated to deliver prompt service to clients round-the-clock.
Martin Torres, Head of the Office of Mexico in Taiwan, highlighted Mexico’s strategic significance as a gateway to North America, Latin America, and the global market. With clusters such as the automobile and manufacturing industries, coupled with a skilled and cost-effective workforce, Mexico is attracting more foreign investment. Torres urged Taiwanese companies to capitalize on Mexico’s potential and regard it as a frontier to penetrate the U.S. market.
As a leading international bank with a physical presence in 95 markets, Citi is well positioned to leverage the strength of its global network and provide comprehensive financial services and solutions to support clients in business growth. In terms of optimizing working capital and cross-border cash flow, Citi provides corporate clients with international remittance services in 140 different currencies. Moreover, Citi has launched mobile banking for enterprises, remittance intelligent detection services, liquidity management and automated reconciliation services to help clients flexibly handle various operational and funding needs.
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to remain Apple Inc’s primary chip manufacturing partner despite reports that Apple could shift some orders to Intel Corp, industry experts said yesterday. The comments came after The Wall Street Journal reported on Friday that Apple and Intel had reached a preliminary agreement following more than a year of negotiations for Intel to manufacture some chips for Apple devices. Taiwan Institute of Economic Research (台灣經濟研究院) economist Arisa Liu (劉佩真) said TSMC’s advanced packaging technologies, including integrated fan-out and chip-on-wafer-on-substrate, remain critical to the performance of Apple’s A-series and M-series chips. She said Intel and Samsung
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
RSS