TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) founder Morris Chang (張忠謀) received the inaugural Li Kwoh-Ting Award on Thursday (Nov. 9) for his “significant contributions” to the nation’s high-tech development.

The award was inspired by the example of the former finance minister Li Kwoh-ting (李國鼎), who is often referred to as the "Father of Taiwan's Economic Miracle." In the mid-1980s he was responsible for transforming the country from being a base for farming and basic industry, into a powerhouse for information and telecommunications technology.

Chang recognized this in his acceptance speech, saying that without Li there would have been no TSMC, per CNA. He said the government invested in his company during its startup phase solely because Li believed in it.

Introducing the winner, President Tsai Ing-wen (蔡英文) said Chang had not only made “significant contributions” to the fields of tech and finance, but he had also served the nation diplomatically. He has been Taiwan’s special envoy at APEC meetings since 2006, as Taiwan’s president is not allowed to attend because of Chinese objections.

Tsai said Chang was not only a respected businessman and national ambassador, but also a good friend. She added that Chang was one of the main reasons why Taiwan led the world in semiconductors.

Also present at the event were former Vice President Vincent Siew (蕭萬長), former Chair of the Straits Exchange Foundation David Lee (李大維), NVIDIA founder Jensen Huang (黃仁勳), and Foxconn founder Terry Gou (郭台銘).