TAIPEI (Taiwan News) — Taiwan and the United States will hold talks next month to discuss the promotion of the CHIPS and Science Act, American Institute in Taiwan (AIT) Director Sandra Oudkirk said Wednesday (Sept. 14).

President Joe Biden signed the act into law last month, with the intent of boosting the nation’s domestic semiconductor sector in order to reduce its reliance on foreign supply chains. His administration was devoting $52 billion (NT$1.61 trillion) in subsidies to the cause, including $24 billion in tax benefits.

The U.S. has already welcomed major investments in its semiconductor sector by leading companies from Taiwan, including Taiwan Semiconductor Manufacturing Co., Ltd. (TSMC) and GlobalWafers Co., Ltd., CNA reported.

Washington, D.C. will be the scene for the next round of discussions under the U.S.-Taiwan Technology Trade and Investment Collaboration framework (TTIC) on Oct. 12-14, Oudkirk said Wednesday. A roundtable meeting at the event will discuss ideas about how to promote the new law in the U.S., she added.