The Arizona Commerce Authority and Taiwan’s Bureau of Foreign Trade, Ministry of Economic Affairs, today committed to partnering on trade and economic development. The partnership, which was outlined in a recently signed Memorandum of Understanding (MOU), aims to support efforts to establish or expand operations and supply chains in Arizona or Taiwan.
The MOU was signed on October 4 by Cynthia Kiang, Director General of the Bureau of Foreign Trade (BOFT), and Sandra Watson, President and CEO of the Arizona Commerce Authority. The MOU signing took place on the 10th annual U.S. Business Day co-hosted by the Ministry of Economic Affairs (MOEA) and the Taiwan External Trade Development Council (TAITRA.) It was also co-organized by the American Institute in Taiwan (AIT) and American State Offices Association (ASOA).
“Arizona enjoys a unique and productive partnership with Taiwan centered around technology, innovation and manufacturing,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “Today’s signing formalizes this important relationship and expands opportunities for both our countries for many years to come.”
Efforts outlined in the MOU include exchanging trade, industry and investment information, encouraging organization and programming of delegations for onsite visits, and providing assistance for establishing or expanding operations in Arizona or Taiwan.
This MOU will remain valid for five years and may be extended another five years by written decision of the parties. In addition, both parties will work together to identify and explore potential interests and benefits of specific sectors and collaborate on Research & Development and technology applications.
Arizona gained global attention in 2020 when TSMC (Taiwan Semiconductor Manufacturing Co.), one of the world’s largest semiconductor companies, announced it would invest $12 billion to build a new semiconductor fab in Phoenix, creating approximately 2,000 jobs.
In August 2021, the ACA was a witness to an MOU signing between the Greater Phoenix Economic Council (GPEC) and the Taiwan-USA Industrial Cooperation Promotion Office (TUSA), under the Ministry of Economic Affairs (MOEA) on industrial cooperation to foster a closer partnership between Taiwan and Arizona.
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.
The Bureau of Foreign Trade (BOFT) under the Ministry of Economic Affairs is responsible for developing and implementing Taiwan’s international trade policies and regulations, promoting trade and managing trade-related activities. To learn more, visit trade.gov.tw.
Visit www.aztechcouncil.org/tech-events to view all of the Council’s upcoming virtual tech networking opportunities, engaging virtual tech events and in-person tech events.