Arizona Delegation Fosters Economic Ties with Taiwan
The bustling world of high-tech industries is seeing a new chapter as Arizona seeks to deepen its economic ties with Taiwan. More than 30 influential leaders from Arizona’s business, academic, and community sectors have embarked on a strategic visit to Taiwan, emphasizing the importance of collaboration in the semiconductor and bioscience sectors.
PHOENIX, AZ (September 3, 2024) – The Arizona Commerce Authority (ACA) is spearheading this initiative, with the visit slated to run through September 6, 2024. This trip is part of a broader effort to enhance trade relations and build partnerships with Taiwanese businesses.
During their stay, the delegation has a packed agenda. An “Arizona Forum” organized by the Arizona-Taiwan Trade and Investment Office drew over 120 participants from various local enterprises and governmental bodies. The forum focused on showcasing Arizona’s robust workforce and favorable business environment. In addition, the delegates explored Taipei Neihu Technology Park, known as Taiwan’s largest hub for scientific advancements.
In a significant move, an evening reception co-hosted by the Arizona-Taiwan Trade and Investment Office and the Taiwan-U.S. Industrial Cooperation Promotion Office (TUSA) saw the signing of a Memorandum of Understanding (MOU). This agreement aims to foster collaboration in technology and workforce, aligning strategic partners for mutual benefit. The cooperation is set to enhance industrial ties and facilitate bilateral investments in advanced technology and competitiveness between the two regions.
“We are proud to continue growing our valued partnership with Taiwan to increase future investment and trade opportunities,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “The delegation visit provides an opportunity to connect and learn more from Taiwan business, education and community leaders, while showcasing Arizona’s unique strengths and attractiveness in high-tech industries such as semiconductors, technology, and manufacturing. We’re grateful to the Arizona-Taiwan Trade & Investment Office and all of the Taiwan partners for their support. We also want to express our thanks to the Arizona delegation for their continued partnership to advance Arizona’s global competitiveness.”
As the week progresses, the delegation will engage in a variety of activities, including a tour of Hsinchu Biomedical Science Park and discussions with Taiwan-based academic and research entities. A panel discussion on Thursday, hosted by the American Institute in Taiwan, will see Sandra Watson and other U.S. and Taiwanese leaders delve into investment opportunities in the U.S.
This isn’t the first time the ACA has ventured to Taiwan. In 2023, they joined a delegation led by Governor Hobbs. The establishment of the Arizona-Taiwan Trade & Investment Office in Taipei that same year further underscores Arizona’s commitment to strengthening economic collaboration and attracting foreign investments.
The trade relationship between Arizona and Taiwan is significant. In 2023, Arizona exported $790 million worth of goods to Taiwan, making it the second-largest market for the state’s basic chemicals and the third-largest for semiconductors and other electronic components. Conversely, Arizona imported $2.4 billion in goods from Taiwan, with Taiwan being the main source for semiconductors and computer equipment.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is dedicated to economic development, focusing on attracting, expanding, and creating business opportunities in Arizona. For more, visit azcommerce.com and follow them on Twitter at @azcommerce.
Read More Here
