Taiwan would continue to deepen cooperation with the US and help safeguard global supply chain security, President William Lai (賴清德) said yesterday during a meeting with a delegation from the Global Taiwan Institute.
Taiwan’s overseas investments have shifted significantly through the years, with 83.8 percent going to China in 2010, compared with 3.7 percent last year, Lai said, adding that the US has overtaken China as Taiwan’s largest overseas investment destination.
Taipei has also signed the Taiwan-US Agreement on Reciprocal Trade and endorsed the Pax Silica Declaration, he said, adding that closer cooperation between the two nations would contribute to a promising future and bring broader benefits to the international community.
Photo courtesy of the Presidential Office
The Pax Silica initiative, led by the US Department of State, focuses on artificial intelligence and supply chain security, and seeks to build an economic security framework with allies and trusted partners.
Taiwan is a vibrant democracy that values freedom and recognizes that peace rests on unity, resilience and strength, the president said.
With more than 90 percent of the world’s semiconductors produced in Taiwan and about one-fifth of global maritime trade passing through the Taiwan Strait, the country plays a critical role in global supply chains and regional security, he said.
Taiwan’s position along the First Island Chain further highlights the importance of maintaining a free, open, peaceful and stable Indo-Pacific region, he added.
Despite China’s attempts to alter the “status quo” in the Taiwan Strait through military coercion, “gray zone” tactics and economic pressure, the international community has become increasingly aware of the need to preserve peace and stability in the region, Lai said.
While Taiwan believes peace is invaluable and that there are no winners in war, it must remain pragmatic, as peace can only be secured through strength, he said.
To that end, Taiwan is strengthening its defense capabilities, advancing military reforms and enhancing whole-of-society resilience, he said.
Taiwan’s defense spending has exceeded 3 percent of GDP and is projected to reach 5 percent by 2030, Lai said.
He added that the government has proposed an eight-year, US$40 billion special defense budget to enhance combat capabilities and develop the domestic defense industry, underscoring its commitment to safeguarding national security, democracy and regional stability.
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