Raichingder 'Taiwan Version Silicon Valley' Construction Starts This Year "Economic Effect 250 Trillion Won"

Rai Ching-te, the president-elect of Taiwan, proposed the 'Taiwanese version of Silicon Valley' during his candidacy, and construction is set to begin this year.

Local media such as the Taipei Times reported on the 23rd that Taiwan's Executive Yuan reviewed and approved the National Development Council (NDC)'s plan to strengthen semiconductor capabilities in Taoyuan, Hsinchu, and Miaoli counties the previous day. The official name is the 'Taoyuan-Hsinchu-Miaoli Greater Silicon Valley Plan,' and if the project also receives legislative approval, it will receive approximately 20 billion New Taiwan dollars (about 840 billion KRW) in support.

Lai Ching-te, President-elect of Taiwan
Photo by Yonhap News

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The Executive Yuan estimated that the project would require about 100 billion New Taiwan dollars (approximately 4.2 trillion KRW) in construction costs over four years until 2027, starting with an investment of 20 billion New Taiwan dollars this year for securing new land of 1,605 hectares (16.05 million square meters) for the science park and the Taiwanese Silicon Valley plan.

At a press conference, Kao Hsien-chih, Deputy Minister of the NDC, said, "This project is expected to create 140,000 jobs and generate an economic value of 6 trillion New Taiwan dollars (about 250 trillion KRW)." He added that they plan to provide legal support for power and water supply, transportation infrastructure expansion, talent cultivation, and the establishment of a science and technology cluster in the area.

Gao Xian-gui, Deputy Chairman of the NDC, stated, "Semiconductors are like the oil that drives the digital age," and explained, "Considering strategically that places like Arizona in the U.S., Seoul in South Korea, and Kyushu in Japan are hoping to build semiconductor clusters, we are pushing forward with the Greater Silicon Valley plan."

Earlier, during his presidential candidacy in early December last year, Rai Ching-te announced the Greater Silicon Valley plan as a pledge to strengthen semiconductor capabilities. Taiwan, led by TSMC, the world's largest foundry (semiconductor contract manufacturing) company, is at the center of the global semiconductor supply chain.

In addition, the 'Asia Silicon Valley 3.0 Plan' will also be promoted. The Asia Silicon Valley plan focuses on investments in innovative technologies such as 5G internet, artificial intelligence (AI), and the Internet of Things (IoT).

An NDC official stated, "The goal is for Taiwanese technology solutions to enter overseas markets." The authorities added that for this plan, which will proceed until 2028, a budget of 11.7 billion New Taiwan dollars (about 500 billion KRW) will be invested next year alone.

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