Arizona Expands International Economic Ties with New Office in Taiwan
PHOENIX, AZ (March 20, 2023) — In a significant move to bolster international economic relations, Arizona Governor Katie Hobbs announced the launch of a new trade and investment office in Taiwan. Located in Taipei, this office is an extension of the Arizona Commerce Authority and aims to enhance economic cooperation and opportunities for foreign direct investment.
We are thrilled to expand ties with one of Arizona’s strongest international partners through this new office,
stated Governor Hobbs. Arizona’s partnership with Taiwan extends back decades and continues to have a global impact through the construction of TSMC’s high-tech semiconductor fabs in Phoenix. We look forward to growing this important relationship even stronger and deepening our leading-edge collaboration in technology, manufacturing, research and development sectors and more.
The December announcement by Taiwan Semiconductor Manufacturing Company (TSMC) marks a substantial leap in Arizona’s economic landscape. With a $40 billion investment to construct two advanced semiconductor manufacturing facilities in north Phoenix, TSMC is setting a new benchmark for foreign direct investment in the state. These facilities are expected to create 4,500 local jobs. Since TSMC’s initial plans in 2020, over 20 semiconductor-related companies, including more than six from Taiwan, have either initiated new projects or expanded current operations in Arizona.
Arizona’s new trade office in Taiwan builds on years of close collaboration and promises to increase opportunities for further economic partnership,
expressed Sandra Watson, President and CEO of the Arizona Commerce Authority. We are excited to open the office in Taiwan and further strengthen the relationship between Arizona and Taiwan. My thanks to our Legislature for their support to increase Arizona’s global competitiveness.
Reflecting a robust economic relationship, trade between Arizona and Taiwan has surged by nearly 220% since 2017, reaching over $3.27 billion in 2021. Semiconductors and Other Electronic Components lead Arizona’s export categories, followed by Aerospace Products.
The strategic choice for the leadership of the Taiwan office is Leland Lai, a seasoned business executive and strategist with experience spanning the U.S. and Asia. Mr. Lai has previously served as a market entry and strategy consultant and as Managing Director, Asia, for GSMA, a prominent industry trade association.
In a bid to strengthen economic ties, Arizona signed a Memorandum of Understanding (MOU) in 2021 with Taiwan’s Bureau of Foreign Trade, highlighting the collaborative steps being taken to enhance private sector collaboration and supply chain growth.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state’s premier economic development organization, dedicated to fostering economic growth and strengthening Arizona’s economy. Through its three-pronged approach—attracting out-of-state companies, expanding existing businesses, and promoting entrepreneurship—the ACA focuses on targeted industries. For more information, visit azcommerce.com and follow the ACA on Twitter at @azcommerce.
Read More Here
