TAIPEI (Taiwan News) — The state-owned Bank of Taiwan (BOT) inaugurated an office in Phoenix, Arizona on Tuesday (June 21), eying commercial investment that is expected to be unlocked by the world’s largest chipmaker.

Taiwan Semiconductor Manufacturing Company (TSMC) announced in 2020 plans to build a US$12 billion (NT$358 billion) plant in Phoenix. The fab is said to begin manufacturing 5-nanometer chips in 2024 with a capacity of 20,000 wafers a month, per CNBC.

The initiative has brought about a supply chain centered on semiconductors and helped drive local development in the capital of the most populous city of the U.S. state, said Chairman Joseph Lyu (呂桔誠) of BOT. The new office of the bank will better serve the needs of Taiwanese firms, joining the bank’s branches in Los Angeles and New York, he added.

Lyu took the opportunity to thank the federal and state governments as well as organizations for the assistance they provided for the establishment of the unit, which he lauded as yet another example of the cozy ties between Taiwan and the U.S., per CNA.

Phoenix Mayor Kate Gallego said the investment has attracted Taiwanese companies specializing in biotech and electric vehicles in addition to chipmaking. According to the Arizona government, Taiwanese companies have brought 5,500 new jobs to the state since the announcement of the TSMC plant. The Taiwanese business community in Phoenix has welcomed the arrival of the new companies.