In August, China conducted prolonged military exercises, impacting regional peace and stability. During its summit in Washington, DC, in September, IPAC issued a statement stressing the importance of upholding peace and stability across the Taiwan Strait and expressed that IPAC would encourage parliamentarians to visit Taiwan. I am delighted to welcome you all to Taiwan so soon after that summit. I also wish to express my heartfelt gratitude to IPAC for taking concrete action to support Taiwan.
Meanwhile, global supply chains continue to undergo restructuring in the wake of the COVID-19 pandemic and ongoing authoritarian expansion. Taiwan's long history of development in the semiconductor industry has allowed us to gain an advantage in this field. We look forward to creating more secure and resilient global supply chains through mutual investments and technology exchanges with democratic allies.
Here, I would like to convey my special thanks to IPAC for its statement of October 14, which again called on democratic states to increase political and economic engagement with Taiwan, including through bilateral and multilateral trade and investment agreements. I once again thank each of you for your support. I believe that Taiwan and the European Union will indeed continue to deepen our partnership in all areas.
At this moment, the democratic world order is facing formidable challenges, including Russia's invasion of Ukraine and China's protracted military exercises. Such actions lay bare the expansionist ambitions of authoritarian states, which have disrupted and jeopardized the world order. Democratic nations should thus unite and cooperate to resolutely defend our values of democracy and freedom.
Taiwan stands on the frontline against authoritarian expansionism. It is therefore vital that Taiwan enhances its self-defense capabilities and forges closer and stronger links with democratic partners. I once again thank IPAC and all of you for your staunch support for Taiwan. We are confident that Taiwan can continue to deepen cooperation with its democratic allies across the board, channeling the power of solidarity and jointly upholding security across the Taiwan Strait, as well as peace and stability throughout the region. Thank you!