USA / TAIWAN, (Taiwan Today) – Minister of economic affairs Wang Mei-hua said on October 11 that in addition to its unique geopolitical location, Taiwan plays a pivotal role in the global semiconductor sector that cannot be replaced or replicated.
Continued cooperation between Taiwan and countries including the US to ensure efficient semiconductor production is the best protection for the global economy, she added.
The minister’s remarks came during a speech titled “Why Taiwan Matters – From an Economic Perspective” at the Center for Strategic and International Studies in Washington DC.
According to the minister, the waters surrounding Taiwan are some of the busiest shipping lanes in the world. Cross-strait peace and stability have a direct impact on Japan, South Korea and China itself, as well as the Indo-Pacific’s political and economic order, she said.
Wang said after more than four decades of government promotion, Taiwan has developed the most advanced, cost-effective and efficient semiconductor ecosystem in the world, with over 1,000 suppliers supporting their global partners.
Citing the latest statistics, the minister said Taiwan accounts for nearly 63 percent of the global foundry market and produces 73 percent of high-end semiconductor chips in the world.
As Taiwan is home to the world’s most advanced semiconductor manufacturing activities, Wang said any disruptions to Taiwan could severely impact high-tech sectors and economies around the world. The world needs Taiwan as much as Taiwan needs the world, she added.
Taiwan and the US are natural partners and allies that share the same universal values of democracy, market economy and respect for human rights and the rule of law, the minister said.
The government will continue to play its role in the division of labor and work with the US to promote a resilient supply chain in response to geopolitical crises such as the ongoing Russian-Ukrainian war, she added.