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.
ASML Holding NV’s new advanced chip machines have a daunting price tag, said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), one of the Dutch company’s biggest clients. “The cost is very high,” TSMC senior vice president Kevin Zhang (張曉強) said at a technology symposium in Amsterdam on Tuesday, referring to ASML’s latest system known as high-NA extreme ultraviolet (EUV). “I like the high-NA EUV’s capability, but I don’t like the sticker price,” Zhang said. ASML’s new chip machine can imprint semiconductors with lines that are just 8 nanometers thick — 1.7 times smaller than the previous generation. The machines cost 350 million euros (US$378 million)
EXPLOSION: A driver who was transporting waste material from the site was hit by a blunt object after an uncontrolled pressure release and thrown 6m from the truck Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday there was no damage to its facilities after an incident at its Arizona factory construction site where a waste disposal truck driver was transported to hospital. Firefighters responded to an explosion on Wednesday afternoon at the TSMC plant in Phoenix, the Arizona Republic reported, citing the local fire department. Cesar Anguiano-Guitron, 41, was transporting waste material from the project site and stopped to inspect the tank when he was made aware of a potential problem, a police report seen by Bloomberg News showed. Following an “uncontrolled pressure release,” he was hit by a blunt
Quanta Computer Inc (廣達), which makes servers and laptop computers on a contract basis, yesterday said it expects artificial intelligence (AI) devices to bring explosive growth to Taiwan’s electronics industry, as AI applications are starting to run on edge devices such as AI PCs. Taiwanese electronics manufacturers such as chipmakers, component suppliers and hardware assemblers are likely to benefit from a rapid uptake of AI applications, Mike Yang (楊麒令), president of Quanta Cloud Technology Inc (雲達科技), a server manufacturing arm of Quanta, told reporters on the sidelines of a technology forum in Taipei yesterday. “I believe the growth potential is promising once
‘WORST OVER’: A large portion of Hon Hai’s non-operating loss came from Sharp’s large flat-screen business, but Young Liu said the situation is expected to improve Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler, yesterday reported annual growth of 72 percent in net profit last quarter, due to a dramatic decrease in losses from Sharp Corp’s display business. Net profit surged to NT$22 billion (US$678.7 million) last quarter, from NT$12.83 billion a year earlier, as Hon Hai booked a non-operating loss of NT$4.24 billion, an improvement from NT$20.12 billion in the first quarter of last year. A major portion of its non-operating loss came from Sharp’s large flat-screen business Sakai Display Products Corp. On a quarterly basis, Hon Hai’s net profit sank 59 percent from NT$53.15