Taiwan is home to the world’s largest integrated circuit manufacturer, TSMC, and many other major companies in the sector. Not surprisingly, the EU’s announced plan mentions Taiwan as one of the “like-minded partners” with which Europe would like to work.

The European Commission intends to relax rules on state aid and support for financing innovative semiconductor manufacturing plants.

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Taiwan’s Foreign Ministry said in a statement that it was pleased with the strong momentum in bilateral trade and investment between Taiwan and the European Union, and welcomed the fact that the European Union attaches a lot of attention to the island. It is convinced that “in the post-pandemic era, Taiwan and the European Union have great potential to work together to restructure global supply chains such as semiconductors, rebuild industry and strengthen democratic resilience.” She added that Taiwan will rely on friendly relations with the European Union to deepen their partnership

Neither the European Union nor its member states have formal diplomatic relations with Taiwan, which is part of China, but the bloc is keen to show its support for the island, especially as Sino-EU relations are strengthened through trade and human rights disputes.

Recently, Taiwan’s GlobalWafers Co Ltd failed in an attempt to acquire German chip supplier Siltronic for 4.35 billion euros.

Source: Reuters