TAIPEI (TVBS News) — Taiwan's Ministry of Economic Affairs (MOEA) rebutted Kuomintang (KMT) vice-presidential candidate Jaw Shaw-kong on Monday (Jan. 1), stressing foreign investment in Taiwan reached US＄10.7 billion by November 2023, marking the second-highest rate in 15 years.
The MOEA's statement came after Jaw's remarks claiming that he invited pop singer Taylor Swift to perform in Taiwan in 2023, who declined and cited concerns over the island's geopolitical risks.
Jaw cautioned that without a peaceful environment, investors would be discouraged from investing in Taiwan, halting modernization and progress of businesses. Instead, companies like Taiwan Semiconductor Manufacturing Co. (TSMC) would opt for global expansion.
He criticized the Democratic Progressive Party (DPP) for heightening tensions across the Taiwan Strait, adding that the harsh rhetoric and threats from the U.S. are likely to deter potential investors.
With the general elections taking place on Jan. 13, the MOEA urged Jaw not to tarnish Taiwan's reputation for the sake of political gain.
The economic ministry further indicated that "war risk" did not deter foreign capital from investing in Taiwan.
Major semiconductor companies, ASML, Applied Materials, and Lam Research, along with AI companies NVIDIA and Advanced Micro Devices (AMD), have all recently invested significantly in Taiwan, the ministry said.