World News | TSMC's Overseas Expansion Drives Record Number of Taiwanese Workers in US
Get latest articles and stories on World at LatestLY. Taiwan Semiconductor Manufacturing Company's (TSMC) overseas expansion has driven a significant rise in Taiwanese workers abroad, with a record 128,000 employed in the US in 2023. This surge follows TSMC's plans to increase its global production capacity, including new fabs in the US and Japan. The number of Taiwanese working abroad reached 621,000 last year, marking a four-year high and a rebound from pandemic-related disruptions.
Taipei [Taiwan], December 13 (ANI): Taiwan Semiconductor Manufacturing Company's (TSMC) global expansion has significantly contributed to a rise in the number of Taiwanese workers abroad, with a record 128,000 employed in the United States in 2023, Taiwan News reported.
This surge comes as TSMC ramps up its operations in the US, including new fabs in Arizona. According to the Directorate-General of Budget, Accounting, and Statistics (DGBAS), the total number of Taiwanese working overseas reached a four-year high of 621,000 last year.
DGBAS Deputy Director Tan Wen-ling noted that the increase is primarily linked to TSMC's international expansion, especially its plans for semiconductor plants in Arizona and Japan.
The growth in Taiwanese workers abroad marks a significant recovery from the pandemic's impact, which saw a sharp drop in overseas employment due to factors such as the US-China trade war, supply chain disruptions, and COVID-19 restrictions.
Between 2009 and 2019, the number of Taiwanese working abroad grew from 662,000 to 739,000, but in 2021, it hit a low of 319,000 due to the pandemic's global effects, reported Taiwan News.
The rebound in 2022 and 2023 has seen a notable increase of 148,000 overseas workers, although still below pre-pandemic levels. China remained the top destination for Taiwanese workers in 2023, with 217,000 employed there, but its share of the total has decreased significantly, from 62.2 per cent in 2011 to just 35 per cent in 2023. Rising production costs and the return of Taiwanese businesses have driven this shift.
In addition to the US, other regions such as Southeast Asia, Japan, and South Korea have become more attractive destinations for Taiwanese workers. Tan also mentioned how global trends such as the decoupling from China and its economic slowdown have influenced Taiwanese companies' investment choices, which in turn affect employment abroad.
TSMC's expanding presence internationally is expected to further boost the number of Taiwanese workers in the US and other countries, Taiwan News reported.
The first Arizona plant is slated to begin production next year, with a second facility scheduled for 2028.
Additionally, TSMC's Kumamoto plant in Japan is set to start production by the fourth quarter of 2024, with more facilities planned for the coming years. (ANI)
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