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 appointment was announced on Tuesday as part of a broader Cabinet reshuffle.
Kung, who currently serves 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. The Cabinet said he will “steer the nation’s overall economic strategy, laying the groundwork for the next phase of Taiwan’s industrial, trade and economic infrastructure development.”
The economy ministry oversees Taiwan’s semiconductor industry, manages export controls to prevent sensitive technologies from reaching China or Russia, and shapes national energy policy. Kung’s promotion had been widely expected following media speculation in recent days.
Kuo, who resigned last week, had taken office in May 2024 alongside President Lai Ching-te’s new administration. A former senior executive at Topco Scientific, a TSMC supplier, he faced challenges as opposition parties with a parliamentary majority blocked government bills, imposed budget cuts, and pushed through their own legislation. He also helped shape Taiwan’s response to former U.S. President Donald Trump’s 20 per cent tariff on Taiwanese exports, which continues to weigh on trade policy.
Other Cabinet changes announced Tuesday include new appointments in the health and digital affairs ministries. Taiwan’s new sports ministry, to be formally launched in September, will be led by Olympic badminton gold medallist Lee Yang.
