Taipei [Taiwan], June 3 (ANI): Taiwan Semiconductor Manufacturing Co (TSMC) Chairman and CEO CC Wei stated on Tuesday confirmed that the company has no plans to establish a manufacturing plant in the Middle East, specifically dismissing rumors about building a chip foundry in the United Arab Emirates (UAE), as reported by Focus Taiwan.

This comes after reports surfaced about TSMC engaging in discussions with White House officials and UAE's state-owned investment firm MGX regarding a potential fabrication plant in the UAE.Speaking at TSMC's annual shareholders' meeting, Wei, attending in his capacity as chairman for the first time, directly addressed the shareholders and said that TSMC will focus on regions with strong customer demand, prioritizing areas near its largest clients, reported Focus Taiwan.

When specifically asked about the possibility of such a move, Wei responded succinctly, saying, 'Two words: we won't.'Reports from Bloomberg indicated that TSMC had been in discussions with White House officials regarding the potential for a chip fabrication plant in the UAE. These reports mentioned several meetings between TSMC representatives, US special envoy to the Middle East Steve Witkoff, and the UAE's state-owned investment firm MGX.Wei dismissed these reports, along with others, as mere rumours circulating about TSMC. He cited earlier speculation that TSMC might acquire a stake in Intel as another example, reported Focus Taiwan.Despite ongoing concerns about potential high tariffs on Taiwanese goods entering the United States, TSMC maintained its projected 2025 sales growth in USD terms during Tuesday's meeting.

The company is investing in the US, Japan, and Germany to serve technology leaders and automotive manufacturers more effectively.Addressing shareholders, Wei noted that despite the uncertainties posed by the tariff threats, TSMC's clients have not altered their order volumes, leading the company to maintain its guidance for the year.Regarding the tariff threats from the US administration, Wei suggested that any impact would be indirect, as importers would bear the cost. His primary concern, he explained, was that higher prices resulting from tariffs could dampen demand and overall economic activity.'TSMC's business is really good. We're not afraid of anything except for a downturn in the global economy,' Wei commented, highlighting the current demand exceeding supply for AI-related chips and TSMC's ongoing efforts to increase capacity to meet this demand.While threats of tariffs up to 100 per cent on Taiwan's semiconductors and 32 per cent on general Taiwan-made goods have been made, these measures have not yet been implemented. (ANI)