2018-08-05
Kung Ming-Hsin, Deputy Minister of the Ministry of Economic Affairs (MOEA) led the "2018 MOEA America Investment Facilitation Delegation" to New York, Chicago, and San Francisco (Silicon Valley) from July 29 to August 5 to promote investment. The aim of the trip was promoting the semiconductor industry, the 5+2 industrial innovations and related key industries in Taiwan. The delegation paid visits to 9 key foreign corporate headquarters and concluded the signing of Letters of Intent (LOI) with 3 foreign companies and a Memorandum of Understanding (MOU) for talent recruitment with Chicago Taiwanese American Professionals (TAP). In addition, the delegation organized 3 forums with Taiwanese businesses and 1 with foreign businesses in various cities to introduce the investment environment and business opportunities in Taiwan, so as to attract foreign investment and technology partnerships and encourage overseas Taiwanese businesses to invest in Taiwan. The visit facilitated approximately NT$6 billion in investment by overseas Taiwanese businesses in Taiwan and is expected lead to further investments in the long term. The primary achievements of this year’s America Investment Facilitation Delegation are as follows:
1. Every possible means, from hard reasoning to lucrative incentives, were adopted to encourage semiconductor investment, thereby accelerating the development of a complete semiconductor supply chain in Taiwan: The semiconductor industry is an integral and supportive part of the infrastructure for the 5+2 industrial innovations currently being promoted in Taiwan. The delegation deployed a number of approaches this time and succeeded in having Deputy Minister Kung, on behalf of MOEA, sign Letters of Intent (LOI) with Mr. Martin Anstice, CEO of the world’s third largest semiconductor equipment company Lam Research, and with Mr. Aart J. de Geus, Chairman and co-CEO of the world’s largest semiconductor and electronic design automation company Synopsys. In terms of hardware, Lam Research is going to expand its semiconductor equipment revamping and the establishment of production lines in Taiwan and recruit an additional 100 employees. The company expects to see a multi-fold increase in its output value in Taiwan. In terms of software, Synopsys is going to recruit 100 more employees in Taiwan and focus its efforts on helping TSMC complete its advanced process technologies and boosting AI intellectual property development in Taiwan. Both will help fill existing gaps in the semiconductor supply chain in Taiwan and strengthen Taiwan's overall international competitiveness.
2. Strengthened the 5+2 supply chains by “filling key gaps” and actively promoting investment and collaboration with key international technology companies: In terms of biopharmaceutical collaborations, the delegation paid visits to the headquarters of Johnson & Johnson, Celgene, and Gilead and met with representatives from Pfizer. The delegation reached agreements with these companies for increased investment and more technical collaboration in tumor research, new anti inflammatory drug research, and cell therapy. In terms of results in aerospace technologies, the delegation paid a visit to the headquarters of Boeing, the United State's largest aerospace company, to promote supply chain partnerships between Boeing and Taiwanese aerospace manufacturers, including AIDC, EVA Air, and China Airlines, in cabin doors and seats for civil aircrafts and passenger to cargo conversion. The delegation also facilitated arrangements for Boeing executives to visit Taiwan for further discussion in the near future.
3. Accelerated introduction of forward thinking models of AI development into Taiwan to drive new opportunities in startup investment and technological capabilities: The East and West Coasts of the United States are the world’s largest startup hubs. The delegation paid a visit to Graphen, a well known American AI startup which supplies AI computing models that can be used in anti-money laundering efforts, core banking system monitoring, network security, and NPL forecasting, and signed an LOI with Taiwanese born CEO and Founder Dr. Ching-Yung Lin, who is also Adjunct Professor at Columbia University. The company is going to set up an AI R&D center in Taiwan and gradually expand the team to include 100 AI developers. The center will work with financial and medical institutions and provide assistance in training AI talent in Taiwan. The delegation also paid a visit to Boxed, America’s fastest growing smart logistics startup. The company, which works in online retail platforms and develops unmanned picking vehicles to boost the overall logistics capacity, plans to visit Taiwan and meet with potential suppliers to discuss investment projects. Furthermore, the delegation met with seven foreign businesses in New York, including WeWork, Intersection, New Enterprise Association (NEA), Jackson Lab, and Intra-Cellular Therapies. As a result, WeWork is going to invest in startup partnerships in Taiwan, NEA is going to invest in promising startups in Taiwan, and Jackson Lab is going to seek technology partners in Taiwan.
4. Stepped up efforts to recruit talent in the Midwestern United States: While the delegation was in Chicago, Deputy Minister Kung witnessed the signing of an MOU between the Department of Investment Services of MOEA and Chicago Taiwanese American Professionals (TAP) to recruit foreign talent. TAP is the largest group of Taiwanese American professionals in Chicago. Its members include professionals in banking, startup, and law. The Department of Investment Services encouraged TAP members to sign up with Contact Taiwan, the one-stop window for recruitment in Taiwan. The department also invited TAP to take part in recruitment events and introduce members interested in working in Taiwan to exploring business opportunities together with local talent.
5. Attended to Taiwanese businesses’ global operations needs and invited Taiwanese businesses to invest in Taiwan: The delegate organized one forum each for Taiwanese businesses in New York, Chicago, and San Francisco at which were provided information on the advantages of Taiwan's investment environment and various supportive measures offered by the government. The forums were well received and attended by more than a hundred Taiwanese business representatives. Meanwhile, the delegation listened to Taiwanese businesses to learn about their various needs and suggestions, including their support for Taiwan’s positive economic growth, confidence in investing in Taiwan, and concern over the impact of U.S.-China trade war on investment between Taiwan and the United States. These businesses urged the government to encourage a broader application of AI technology in the banking sector and resolve the issue of finding land for Taiwanese businesses looking to invest in Taiwan. A number of Taiwanese businesses also expressed strong interest in investing in Taiwan. The MOEA will have the appropriate departments work together to provide the necessary assistance.
Members of the delegation, whose mission was to facilitate actual investment and technical collaboration, included representatives of the Department of Investment Services, Department of Industrial Technology, InvesTaiwan Service Center, Biomedical Technology and Device Research Laboratories of ITRI, Electronic and Optoelectronic System Research Laboratories of ITRI, Metal Industries Research and Development Centre, Committee for Aviation Industry Development of MOEA, and Biotechnology and Pharmaceutical Industries Promotion Office of MOEA. The MOEA will continue to focus on major industries, target overseas Taiwanese and foreign key technology investors, promote investment in Taiwan, advance industry upgrading and transition, and strengthen overall economic prosperity and growth.
Spokesperson of the Department of Investment Services: Alex Chen, Deputy Director General
Telephone: 02-2389-2111 ext. 812
Mobile phone: 0988-368-187
Email: alexchen@moea.gov.tw
Contact Person: Lin Mei-Hsing, Section Chief
Telephone: 02-2389-2111 ext. 210
Mobile phone: 0988-158-298
Email: mhlin2@moea.gov.tw
Source： Department of Investment Services, MOEA
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