EU serenades Taiwanese chip companies to drop anchor in the continent
TSMC
A couple of weeks after Taiwanese major Foxconn announced it will be building a semiconductor plant in India, the European Union (EU) has swung into action to persuade other Taiwanese companies to do the same in the continent.
The EU has been courting and serenading local Taiwanese companies as one of the 'like minded' allies it would like to work with under the European Chips Act unveiled in February, according to a Reuters report.
Fielding questions from reporters regarding local semiconductor companies expanding their footprint in Europe, Taiwan's deputy economy minister Chen Chern-chyi said, "To my knowledge, the European Commission and member states are talking to some of our companies, which is purely a commercial decision for the companies to make."
"From the government's perspective, we are pleased to see our companies deploy globally and with our democratic allies, as long as we share the same values we like to form a trusted partnership," he said further.
There had been murmurs of Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest chipmaker coming to Germany last year. However, no progress has been made since then.
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With the major economies across the globe suffering a significant supply chain crunch, exacerbated by the lack of semiconductors, the Taiwanese chip companies have become all the more valuable as courting attempts intensify.
India to get a semiconductor factory
As reported by WION, earlier this month, Indian company Vedanta Ltd. and Foxconn joined hands to invest $19.5 billion to build semiconductor and display manufacturing facilities in India's western state of Gujarat, which is Prime Minister Narendra Modi's home state.
The joint venture received subsidies from the Gujarat state government for capital costs and electricity in order to build units close to Ahmedabad, the state's capital.
The state government in its statement announced that Vedanta would set up two units: a chip-related production unit with an investment of $7.58 billion and a display manufacturing facility in which it will invest $11.95 billion.
(With inputs from agencies)
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