New Economy Minister appointed in Taiwan

Taiwan’s new economy minister will be JW Kuo, the chairman of Topco Scientific, a supplier to Taiwan Semiconductor Manufacturing Co. Kuo’s appointment was announced by soon-to-be premier Cho Jung-tai and will be effective on May 20, coinciding with the presidential inauguration of Lai Ching-te. The semiconductor industry, which is crucial to Taiwan’s export-driven economy, is expected to benefit from Kuo’s extensive international experience and connections.

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

Cho has emphasized Kuo’s expertise in managing energy concerns, pointing to his experience in both the semiconductor and energy sectors as essential for addressing Taiwan’s challenges with power stability. Kuo is expected to focus on developing diversified green energy sources and promoting energy conservation within the industry.

In addition to stabilizing the power supply, Taiwan is also focused on advancing its investments in renewable energy, such as wind power, and improving its infrastructure for importing liquefied natural gas. Kuo plans to outline his strategic plans after officially taking office, while Topco has yet to issue a statement regarding his appointment and any potential resignation from his current role within the company.