Tuesday, February 11, 2003
The application of eight-inch wafer investment in China submitted by Taiwan Semiconductor Manufacturing Co. (TSMC) will be approved within few days after the cross-ministry review panel thoroughly studies the TSMC's case and requested TSMC to submit detailed information.
Ministry of Economic Affairs (MOEA) is scheduled this month to review the information regarding how TSMC will raise and use funds for the plant, to be based in the Shanghai Songjiang Industrial Zone. TSMC plans to borrow US$418 million from banks in China to help fund the US$898 million project. The panel's final approval has yet to be ratified by the Cabinet before it takes effect.
Meanwhile, the government will form a law regarding technology transfer in particular about the China investment. The proposal of "National Technology Protection Law" came after the much awaited of approval of TSMC's application, lawmaker will submit a draft. TSMC vows to comply with the government's regulations on the movement of individuals talented in the fields of high tech in the country while recruiting staff for its China plant.
By: DocMemory
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