The Ministry of Economic Affairs (MOEA), Taiwan External Trade Development Council (TAITRA), American Institute in Taiwan (AIT), and American State Offices Association (ASOA) jointly held the 11th U.S. Business Day on the 31st of August. It is one of the most important events that Taiwan and the U.S. utilize to jointly explore business opportunities.
Deputy Minister Chern-Chyi "C.C." Chen said in the opening remarks that Taiwan and the U.S. continue to strengthen economic and trade cooperation. For example, both sides held the 2nd Economic Prosperity Partnership Dialogue (EPPD) in November 2021, established the Technology Trade and Investment Collaboration (TTIC) Framework in December 2021, and launched the U.S.-Taiwan Initiative on 21st Century Trade in June this year. This close bilateral partnership has also attracted Google and other important American enterprises to expand their investments in Taiwan.
At the event, AIT Director Sandra Oudkirk mentioned that Taiwan was the 8th largest trading partner of the U.S. in 2021 and is now one of the 10 fastest-growing sources of FDI in the U.S. She also said that the TTIC and U.S.-Taiwan Initiative on 21st Century Trade provide more opportunities to deepen bilateral trade and investment ties based on shared values.
Moreover, Arizona Governor Douglas Ducey led a delegation to Taiwan for this event. In his speech, Governor Ducey said that the solid foundation based on friendship and trust between Arizona and Taiwan has enabled both sides to establish a comprehensive partnership in business, technology, security, and national defense. TAITRA Chairman James C.F. Huang emphasized that Taiwan and the U.S. share the same values of peace, freedom, intellectual property protection, and sustainable development. Recently, this bilateral partnership has entered a new stage of jointly building safer and more resilient supply chains.
Altogether, 30 high-ranking state officials expressed their unwavering support for this event via video presentations. For the "U.S. Investment Opportunities Conference," 12 state representatives shared the latest information on investment and business opportunities in their respective states.
This year, nearly 20 large buyers from the U.S. held over 200 one-on-one business meetings with Taiwanese enterprises from the 5G, renewable energy, ICT, LED and medical device industries.
The U.S. is Taiwan's 2nd largest trading partner, as well as one of the most important sources of FDI and technological inputs. Total bilateral trade grew 26.1% last year, while increasing by 25.6% in the first half of 2022.