Taiwan’s government has appointed Kung Ming-hsin as the new economy minister following the resignation of his predecessor, Kuo Jyh-huei, due to health issues. This reshuffle is part of a broader cabinet realignment in response to ongoing political challenges faced by President Lai Ching-te’s administration. Kung, who has served as the cabinet secretary-general, previously held a board position at Taiwan Semiconductor Manufacturing Company (TSMC), representing the National Development Fund, a key shareholder in the world’s leading contract chipmaker.
In a statement, Taiwan’s cabinet expressed confidence in Kung’s ability to “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 comes at a critical time, as one of the economy ministry’s primary responsibilities includes overseeing Taiwan’s essential semiconductor industry. Furthermore, Kung will manage export controls to prevent sensitive technology from reaching nations under restrictions, such as China and Russia, while also guiding energy policies.
Kuo Jyh-huei, who served as economy minister since May, played a significant role in shaping the government’s response to external pressures, such as former President Donald Trump’s 20% tariffs on goods exported to the United States. His resignation marks another obstacle for Lai’s administration, which is contending with a parliamentary majority from opposition parties, including the Kuomintang, that have blocked key legislation and implemented severe budget cuts. Recent efforts by Lai’s Democratic Progressive Party to initiate recall votes against several opposition lawmakers have also failed, adding to the complexities of governance.
In addition to Kung’s appointment, the cabinet announced that ministers responsible for health and digital affairs are also being reshuffled. Notably, Taiwan will welcome Olympic badminton gold medalist Lee Yang as the new sports minister, a position that will be formally established next month.
This strategic cabinet realignment aims to inject fresh energy and expertise into Taiwan’s governance amid a challenging political landscape, reinforcing the government’s commitment to economic resilience, particularly in the high-tech sector.
As Taiwan navigates these transitions, the focus remains on sustaining its economic dynamism and ensuring the stability of crucial industries. With Kung Ming-hsin at the helm of the economy ministry, Taiwan is poised to adapt and respond effectively to evolving global challenges.
In the coming months, all eyes will be on how these changes influence Taiwan’s economic trajectory and its position in the dynamic semiconductor market.
Original Source: https://www.cnbc.com/2025/08/27/taiwan-names-former-tsmc-board-member-as-new-economy-minister.html
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Publish Date: 2025-08-27 13:08:00
