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Taiwan Business TOPICS
TSMC Raises CAPEX to Meet Demand
The Taiwan Semiconductor Manufacturing Co. (TSMC) announced plans on April 1 to raise capital expenditures, committing an unprecedented US$100 billion over the next three years to expand production capacity in response to ongoing global shortages of chips and the strong demand for new technologies. In a statement, the company said the funds would also be used “to support the manufacturing and R&D of advanced semiconductor technologies,” and added that the company is “working closely with our customers to address their needs in a sustainable manner.”
The chipmaker originally planned to invest between US$25 billion and US$28 billion in advanced semiconductor manufacturing in 2021. However, despite TSMC’s foundries running at more than 100% capacity, production has still failed to meet the surging chip demand, the company said.
Taiwan Business TOPICS
By Austin Babb and Jason Wu
Guidelines, Visit Show Improving U.S. Ties
U.S.-Taiwan relations are showing further signs of strengthening as Washington continues to make overt gestures of support for Taiwan. The U.S. Department of State recently released an update to guidelines regarding interactions between American diplomats and their Taiwan counterparts. In a short press statement, the State Department highlighted Taiwan as a “vibrant democracy and an important security and economic partner,” and said that the new guidelines “liberalize guidance on contacts with Taiwan.” Taiwan’s representative to the U.S. Hsiao Bi-khim and other Taiwanese officials and politicians took to Twitter to welcome the State Department’s decision.
Taiwan Business TOPICS
Exports Climb as FOREX Reserves Fall
The International Monetary Fund (IMF) in April raised its forecast of Taiwan’s 2021 GDP growth to 4.7%, much higher than the 3.2% figure it provided last October. The organization’s biannual World Economic Outlook report cited a “stronger than anticipated rebound” of the global economy as the reason for its upward adjustment. The new projection surpasses both the 4.64% forecast by Taiwan’s Directorate General of Budgeting, Accounting and Statistics (DBGAS) and the 4.53% predicted by Taiwan’s Central Bank. According to the IMF report, Taiwan’s predicted growth ranks third among the “Four Asian Tigers,” after that of Hong Kong and Singapore.