Taiwan has appointed former Taiwan Semiconductor Manufacturing Company (TSMC) board member Kung Ming-hsin as its new economy minister, following the resignation of Kuo Jyh-huei for health reasons. The move comes as part of a wider Cabinet reshuffle announced on Tuesday.
Mr Kung, currently serving as Cabinet secretary-general, previously represented the government’s National Development Fund on TSMC’s board, giving him close ties to the world’s largest contract chipmaker.
In a statement, the Cabinet said Mr 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.” His appointment had been widely anticipated after local media speculated about his likely promotion in recent days.
The economy ministry plays a pivotal role in overseeing Taiwan’s semiconductor industry, enforcing export controls to prevent sensitive technologies from reaching countries such as China or Russia, and shaping energy policy.
Mr Kuo, who stepped down last week, was a former senior executive at Topco Scientific, a supplier to TSMC. He had taken office in May 2024 alongside President Lai Ching-te’s new administration, but faced challenges as opposition parties holding a parliamentary majority blocked government legislation, passed their own bills, and imposed deep budget cuts.
Mr Kuo also helped formulate Taiwan’s response to former US President Donald Trump’s 20 per cent tariff on Taiwanese exports, a policy that continues to weigh heavily on trade strategy.
Other Cabinet changes announced Tuesday include new appointments in the health and digital affairs ministries. Taiwan’s new sports ministry, which will be formally established in September, will be led by Olympic badminton gold medallist Lee Yang.
