TAIPEI, (TaiwanToday) – Minister of economic affairs Kung Ming-hsin delivered a speech to the Atlantic Council January 28 in Washington DC in which he emphasised Taiwan’s critical role in the rise of a global non-red supply chain.
According to the ministry of economic affairs, Kung said Taiwan will play an indispensable role as the artificial intelligence sector gets ready for exponential growth and the world strives to build a non-red supply chain.
Taiwan has demonstrated great resilience in the past decade amidst challenges such as US-China trade friction, the COVID-19 pandemic and new US tariff policies, he said, adding that local firms have also reduced reliance on China while expanding their global presence in the process.
The minister praised the growing economic partnership with the US, citing as an example the average annual growth of 36 percent in investment by Taiwanese firms in the US between 2020 and 2024 in the states of California, Arizona and Texas.
Two milestone developments are the bilateral investment memorandum of understanding recently signed in Washington and the bilateral Economic Prosperity Partnership Dialogue concluded January 27 in Taipei City, he said, adding that he hopes to see the two sides expand cooperation in sectors spanning biotechnology, critical minerals, low-orbit satellites and next-generation communication technology.
On the same day, Kung held a closed-door meeting with representatives from around 20 business associations and high-tech firms, including the National Foreign Trade Council, Semiconductor Industry Association and Micron Technology Inc.
The US participants welcomed the joint statement on the Pax Silica Declaration signed by the two sides during the EPPD event in Taipei, and reaffirmed Taiwan as an indispensable US partner in building secure, prosperous and innovation-driven semiconductor and AI supply chains.
The minister also met with several US senators to seek congressional support for a bilateral double taxation avoidance agreement, the MOEA added.
