Taiwan says its companies plan to invest another $20 billion in US

Taiwan's economy minister announced on Wednesday that Taiwanese companies plan to invest an additional $20 billion in the United States, driven by demand for artificial intelligence applications. The U.S. economy minister, Kung Ming-hsin, made the announcement at the opening of the U.S. pavilion at the SEMICON trade show in Taipei, drawing a positive response from a visiting U.S. Commerce Department official overseeing the CHIPS Act which aims to boost domestic semiconductor manufacturing.

The official praised the announcement as a demonstration of the shared commitment to a secure and innovative semiconductor and electronics supply chain. The $20 billion investment is part of a larger plan by Taiwanese companies, including chipmaker TSMC, to increase their U.S. investments. Since May, when Taiwan attended the SelectUSA Investment Summit, the ministry has been assessing which companies could potentially benefit from further investments in the U.S.