US microchip giant Intel said Thursday it plans to team up with Taiwan to set up a multi-million dollar Internet computing research laboratory.
The company said it would work with the island's National Science Council and a leading Taiwanese university to establish a "cloud computing" research centre with an estimated cost of 23.5 million US dollars over the next three to five years.
"Cloud computing" refers to Internet-based computing, whereby shared resources, software, and information are hosted online and provided to computers on demand.
Intel did not specify the amount it plans to spend.
Visiting Intel president and CEO Paul Otellini announced a series of new and expanded partnerships with Taiwan's government, industry and education system intended to cement the island's status as the leading centre of innovation for the global IT industry.
Explore further: Tech-industry perks long associated with Bay Area being replicated across LA