Taiwan's new President Lai Ching-te has indicated that his administration will make use of artificial intelligence to boost military and economic capabilities.

In his inaugural address on Monday, Lai said, "Taiwan has already mastered advanced semiconductor manufacturing, and we stand at the center of the AI revolution."

He added: "We are a key player in supply chains for global democracies. For these reasons, Taiwan has an influence on global economic development, as well as humanity's well-being and prosperity."

Lai stressed that, "Taiwan needs the world, just as the world needs Taiwan."

He said: "We in Taiwan, a silicon island, must do all we can to expedite Taiwan's transformation into an AI island. We must adapt AI for industry and step up the pace of AI innovation and applications."

On trade, Lai said, "Taiwan has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership."

He also said: "We will continue to engage actively in regional economic integration. We will endeavor to sign bilateral investment agreements with other democracies around the world and further deepen our trade partnerships."