Interuniversity Microelectronics Centre (Imec), the world's largest nanoelectronics research institute based in Belgium, set up a research and development center in Taiwan Wednesday to focus on bioelectronics and green electronics. 'The creation of the ITIC (Imec Taiwan Innovation Centre) , two years after having established a representative office in Hsinchu, Taiwan, is essential in our continued efforts to create value for our current and future partners in Taiwan, ' Imec CEO and President Luc Van den hove, told reporters at a signing ceremony. ITIC, co-funded under a project of the Ministry of Economic Affairs to encourage foreign enterprises to set up research and development centers in Taiwan, is Imec's first R&D center outside Europe. Explaining why Imec chose Taiwan, the chief executive said that his company has a long-term partnership with local companies, such as Taiwan Semiconductor Manufacturing Co. (TSMC) , the world's largest contract chip maker, and United Microelectronics Corp. (UMC). 'We have already a very long relationship with companies in Taiwan, ' said Luc Van den hove. 'It's very clear that Taiwan is one of the leading countries in this domain.' 'The strategy of Imec has always been that, if we want to be the No. 1 R&D provider, we need to work with the No. 1 companies in the world,' he added. The ITIC will focus on information and communications technology, health care and green electronics, the chief executive said. Asked by reporters if Imec will establish a fab in Taiwan, the chief executive said that there is no such a plan at the moment. 'Of course, we never say never,' he added, however. Luc Van den hove declined to confirm local media reports saying that Imec will invest NT$150 million (US$4.9 million) in the new research center. The research institute will hire more than 40 specialists in Taiwan over the next three years, said Wu Hsiang-wei, general manager of Imec Taiwan. Imec, which employs about 1,800 people, has offices in the Netherlands, the United States, China and Japan. In 2009, Imec's revenue was 275 million euro. 