The world’s top contract chipmaker called Taiwan Semiconductor Manufacturing Co (2330. TW) plans to invest more than three hundred billion Taiwanese dollar ($9.4 billion) for tapping the global chip industry growth and in the process provide eight thousand eight hundred new employments in a new plant located in Taiwan over a period of next few years.

On Friday, Morris Chang, Chairman and Chief Executive of TSMC (TSM. N) stated that in phase one advanced 40 and 28nanometre technologies will be used by its third twelve inch wafer fabrication facility.

Chang while participating in the ground breaking ceremony of the new Taichung plant stated that this can be termed as beginning of a new growth era

In spite of worries about oversupply of chips in this sector TSMC will not be concerned about it, and they would invest

According to Chang Chi-sheng, who manages assets worth nine decimal five billion Taiwanese dollars for Uni-President Asset Management, though there is excess of chip supply which are produced from matured technology in Taiwan, the chips that will be manufactured in the new plant of TSMC still have massive demand. He added that TMSC is number one in technology in the industry since long .As the out put will result from advance processing it will increase demand amongst clients.

Nvidia Corp and Broadcom Corp are the major clients of TSMC.

TSMC has planned the new project after Intel Corp, the world’s biggest chipmaker and major supplier of chips of personal computers reported its figure of revenue and margin forecast that is way higher than the expectations of Wall Street.

TSMC has seen record sales in its second quarter as there was strong demand for electronic devices and PCs .It can make a record profit in this fiscal.