IT Pro is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more

UK and Taiwan commit to £5 million business innovation fund

The two countries are also aiming to promote diversified and resilient supply chains, especially as Taiwan is a leading chip manufacturer

The UK and Taiwan have announced a £5 million fund as part of a pledge to increase collaboration between the countries across technology and innovation.

UK trade minister Greg Hands will co-host the UK-Taiwan 25th annual Trade Talks in Taipei, aiming to boost trade and future-proof the UK’s economy by collaborating on green trade and supply chains, the government revealed today.

Related Resource

Building intelligent, resilient and sustainable supply chains

The new engines of transformation

Whitepaper cover with title and blue, green, and pink circular arrow line graphics overlappingFree Download

During the talks, Innovate UK, the country’s national innovation agency, will sign a Memorandum of Understanding (MoU) with the Ministry of Economic Affairs in Taiwan, which will include committing to a £5 million fund through to 2025 and support UK businesses through an innovation programme.

Additionally, the countries aim to promote diversified, resilient supply chains, and greater economic cooperation, bolstered by Taiwan's position as a leading manufacturer of semiconductor chips and a key player in global supply chains.

Hands set to meet with Taiwan’s president Tsai Ing-wen, minister of Economic Affairs Wang Mei-Hua, minister of Digital Affairs Audrey Tang, and ministers Kung Ming-Hsin and John Deng.

“Boosting trade with this vital partner is part of the UK’s post-Brexit tilt towards the Indo-Pacific and closer collaboration will help us future-proof our economy in the decades to come,” said Hands.

Taiwan has a GDP of over $770 billion, with the UK and Taiwan building on an existing £8 billion trade partnership that has grown by 14% in the last two years. The government added that visiting Taiwan in person has underlined the UK’s commitment to boosting its trade ties with the country.

Hands will also meet with deputy minister Chern-Chyi Chen to look at tackling barriers to trade in areas like fintech, food and drink, and pharma, hoping to aid more UK firms export and invest into the country. He will also promote UK expertise in offshore wind, hydrogen and electric vehicles, as well as in science and innovation.

Taiwan is a key semiconductor hub for many countries. and is crucial to the global supply chain of these components. It accounted for a 26% market share of semiconductor revenue in 2021, ranking second in the world, according to Trendforce. It also accounts for 64% of the foundry market, where the country’s manufacturers make chips for other companies.world.

The island was visited by the US in August 2022, and a number of its government websites were hit by cyber attacks which seemed to come from China and Russia. US House speaker Nancy Pelosi visited the island, which is important to the US since it houses the chip giant Taiwan Semiconductor Manufacturing Co (TSMC). Pelosi’s team reportedly met with the company to discuss the CHIPS act, a piece of legislation the US hopes will help it cultivate a domestic semiconductor supply chain.

Featured Resources

2022 State of the multi-cloud report

What are the biggest multi-cloud motivations for decision-makers, and what are the leading challenges

Free Download

The Total Economic Impact™ of IBM robotic process automation

Cost savings and business benefits enabled by robotic process automation

Free Download

Multi-cloud data integration for data leaders

A holistic data-fabric approach to multi-cloud integration

Free Download

MLOps and trustworthy AI for data leaders

A data fabric approach to MLOps and trustworthy AI

Free Download

Recommended

Why Japan finds it so hard to digitally transform
digital transformation

Why Japan finds it so hard to digitally transform

1 Dec 2022
MSG giant Ajinomoto's chipmaking foray helps break financial records
Business strategy

MSG giant Ajinomoto's chipmaking foray helps break financial records

30 Nov 2022
India to trial digital rupee from December 2022
digital currency

India to trial digital rupee from December 2022

30 Nov 2022
Japan considers creating new cyber defence agency as attacks ramp up in region
cyber attacks

Japan considers creating new cyber defence agency as attacks ramp up in region

24 Nov 2022

Most Popular

Empowering employees to truly work anywhere
Sponsored

Empowering employees to truly work anywhere

22 Nov 2022
How to boot Windows 11 in Safe Mode
Microsoft Windows

How to boot Windows 11 in Safe Mode

15 Nov 2022
The top 12 password-cracking techniques used by hackers
Security

The top 12 password-cracking techniques used by hackers

14 Nov 2022