Taiwan Gets $900 Million in New Business from Silicon Valley Meetings

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TAIPEI: Taiwan’s economy minister has won new contracts worth T$30 billion ($940 million) in meetings with top executives at four major technology companies in California’s Silicon Valley, the ministry said on Saturday (Oct. 15).

Wang Mei-hua has been in the United States all week responding to what her office has called “concerns” about supply chains and geopolitical issues.

Taiwan is a major semiconductor manufacturer, home to the world’s largest contract chip manufacturer, Taiwan Semiconductor Manufacturing Corp, and supplies most of the world’s largest technology companies.

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The island’s position as a producer has led to concerns in the United States that it is too dependent on Taiwan, especially as China ramps up military exercises to assert its sovereignty claims.

Wang met executives from NVIDIA Corp, Cisco Systems Inc, Applied Materials Inc and Synopsys Inc on Friday, the ministry said in a statement, adding that she received “great interest” from them.

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“The visits are expected to reduce US research and development investment and orders in Taiwan worth more than $30 billion,” it said without elaborating.

The ministry said Wang met with NVIDIA CEO Jensen Huang, Applied Materials CEO Gary Dickerson, Cisco senior vice president and global innovation officer Guy Diedrich, and Synopsys chairman and CEO Aart de Geus.

NVIDIA declined to comment on the meeting. The other three companies did not immediately respond to requests for comment.

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Wang said Tuesday that if Taiwan remains safe, global supply chains of vital semiconductors would also be safe.

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