TAIPEI (Reuters) -Taiwan’s government announced on Wednesday the appointment of former TSMC board member Kung Ming-hsin as the new economy minister after his predecessor resigned for health reasons and as part of a broader cabinet reshuffle.
Kung, who is transitioning from his current role as cabinet secretary-general, previously sat on the board of TSMC as a representative of the government’s National Development Fund, a major shareholder in the world’s largest contract chipmaker.
Taiwan’s cabinet said in a statement that Kung will “steer the nation’s overall economic strategy, laying the groundwork for the next phase of Taiwan’s industrial, trade, and economic infrastructure development”.
Kung’s name had been repeatedly floated as the new economy minister by Taiwanese media over the past week.
One of the ministry’s key roles is overseeing the crucial semiconductor sector in Taiwan.
It also enforces controls to ensure sensitive high-tech goods do not end up in countries subject to export curbs such as China or Russia, and oversees energy policy.
Kung’s predecessor, Kuo Jyh-huei, resigned last week citing health reasons. Kuo was previously a senior executive of a TSMC supplier, Topco Scientific, and assumed the role in May of last year as President Lai Ching-te’s administration took office.
Lai has had to contend with opposition parties, who form a majority in parliament, blocking legislation and passing their own, as well as imposing swingeing budget cuts.
Large-scale recall votes against 31 lawmakers from the main opposition party the Kuomintang, organised by civil groups but backed by Lai’s ruling Democratic Progressive Party, failed this month and last month to remove any of them, further complicating Lai’s governance efforts.
Kuo had also been one of the ministers involved in formulating the government’s response to President Donald Trump’s 20% tariff on goods exported to the United States.
Others being reshuffled include those in charge of the health and digital affairs ministries, the cabinet said.
Taiwan’s new sports minister – the ministry will only be formally set up next month – will be Olympic badminton gold medallist Lee Yang, the cabinet said in its statement.
(Reporting by Ben Blanchard and Jeanny Kao; Editing by Muralikumar Anantharaman and Saad Sayeed)
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