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Taiwanese government officials have denied receiving any application from TSMC regarding its expanded investment plans in the US. TSMC and President Trump announced a $100 billion investment plan in March to build chip factories in the US. The investment was on top of the $65 billion the firm is spending to set up its mega chip manufacturing facilities in Arizona. However, according to Taiwan's economic minister, J. W. Kuo, and deputy director general of the ministry's department of investment reviews, Su Chi-yen, the economic ministry has not received any proposal from TSMC to date.
Taiwan's Economic Ministry Denies Having Received Official Information About TSMC's $100 Billion Mega US Investment Package
According to Taiwanese law, any foreign investment that exceeds NT$1.5 billion is subject to review by several departments before being approved. Su Chi-yen, director of the Investment Review Department within Taiwan's Ministry of Economic Affairs spoke at a caucus yesterday where he commented that his department is yet to receive any approval application from TSMC.
Su was asked about the status of the investment by politicians and others, but he refused to comment as he did not have any details to share. Since the additional $100 billion investment by TSMC is for future chip making plants in the US, the firm has plenty of time to share the details with the Taiwanese government.
The investment has generated some controversy in Taiwan, with economic affairs minister J. W. Kuo coming under fire earlier this year for having no knowledge of the deal as it was announced. In later statements, Kuo clarified that he had refrained from commenting earlier as he was unaware of the precise amount of the deal.
In his latest comments, Kuo reiterated Su's remarks and stated that his ministry had not received any application materials. The minister spoke during a session of the Taiwanese legislature, which held a session to discuss the implications of President Trump's new import policies on Taiwan.
The Taiwanese government has vowed to increase US energy imports in response to the President's actions by targeting regions such as Alaska. TSMC's additional $100 billion investment in the US builds on the firm's current $65 billion commitment. Through the latter, it has built a new chip manufacturing facility in Arizona, which eventually aims to produce 2-nanometer chips in the US.
TSMC's US production has also benefited NVIDIA, which plans to use the US plant's products for its AI GPUs. The $100 billion expansion the firm announced with Trump includes three new manufacturing facilities, two packaging plants and a research and development center. In its latest earnings call, the firm denied reports that it was planning a merger or a joint venture with beleaguered chip giant Intel to effectively end speculation that was rife on the stock market for months.
