Top Semiconductor Executive To Be Taiwan’s New Economy Minister

Taiwan’s new economy minister will be a senior executive from a company that’s a supplier to Taiwan Semiconductor Manufacturing Co, the world’s largest chipmaker. Soon-to-be premier Cho Jung-tai announced that JW Kuo, currently chairman of Topco Scientific, will take on the new role effective May 20, aligning with the presidential inauguration of Lai Ching-te.

The semiconductor industry, central to Taiwan’s export-driven economy, looks to benefit from Kuo’s deep ties and extensive international experience.

As the overseer of Taiwan’s economic development, foreign investment approvals, and energy supplies, the Economy Ministry plays a pivotal role, particularly in managing power generation in partnership with the state-run utility, Taipower. The importance of stable and reliable power supplies has been underscored by large-scale power outages in recent years, which have disrupted industrial activities, including those in the essential semiconductor sector.

Cho has placed significant emphasis on Kuo’s ability to manage energy concerns, citing his experience in the semiconductor and energy sectors as crucial for addressing Taiwan’s ongoing challenges with power stability. “Minister Kuo will also be expected to leverage his expertise to foster the development of diversified green energy sources and promote extensive energy conservation within the industry,” Cho commented during his announcement.

In addition to focusing on stabilising the power supply, Taiwan continues to advance its investment in renewable energy, such as wind power, and is enhancing its infrastructure for importing liquefied natural gas.

Kuo has expressed intentions to detail his strategic plans after officially taking office. Meanwhile, Topco has yet to issue a statement regarding his appointment and whether he will resign from his current role within the company.

With Inputs from Reuters