Singapore is actively revisiting its incentives to entice Taiwan Semiconductor Manufacturing Company (TSMC) to establish a foothold in the country for the production of advanced chips.
TSMC, in its recent earnings report conference on January 18, detailed its progress in overseas expansion and expressed interest in constructing a second fab in Japan, with production targeted by late 2024. This success in Japan has reportedly prompted Singapore to enhance its incentives further in a bid to attract substantial investments from TSMC, to start chip manufacturing in this country.
The revised incentives from Singapore encompass a comprehensive package, including tax breaks and subsidies, along with the government’s full-fledged support in terms of land, water, electricity, and talent supplies. This strategic move is a clear indication of Singapore’s determination to reinforce its status as a prominent semiconductor manufacturing hub in Southeast Asia.