November 4, 2019
Fact Sheet: Taiwan Indo-Pacific Business Forum Deliverables
- Largest Ever Taiwan Agricultural Goodwill Mission Nets $3.7 Billion in Food Exports: Taiwan’s Agriculture Goodwill Mission to the United States pledged to purchase $3.7 billion in agricultural goods over two years through 2021. Taiwan signed letters of intent to purchase $1.1 billion in soybeans, $1.1 billion in corn and dried distillers’ grains (DDGS), $576 million in wheat, and $960 million in meat products. The group met USDA Under Secretary McKinney and State Department Assistant Secretary Stillwell in order to strengthen cooperation and promote the strategic advantages of this longstanding trade relationship.
- General Electric Awarded Taiwan Power Company Tender: General Electric will provide its latest technology and solutions to build the Taiwan Tatan No. 8 & 9 combined cycle power generation projects. The Taiwan Power Company tender was worth $1.2 billion and will have $720 million in U.S. export content.
- Taiwan’s Ta Chen Invests In Aluminum Production Facility in Texarkana, TX: Ta Chen Stainless Pipe & Tube, of Taiwan, invested $350 million in an aluminum production facility in Texarkana, TX. After installing new production lines and hiring 160 workers, Ta Chen began full production in October 2019.
- Taiwan’s JBC Company Invests In Milk Powder Production Facility in Idaho: Jetton BioChemistry Co., Ltd. (JBC) has committed to establishing a milk powder blending plant in Nampa, Idaho. JBC estimates that it will process about 2.4 million pounds of milk powder annually. The initial investment was $2 million with 25 staff, however, the company is planning to grow its investment.
- S. Agribusiness Trade Mission to Taiwan Projects $17 Million in Sales: USDA Foreign Agricultural Service Administrator Isley led a successful Agribusiness Trade Mission (ATM) to Taiwan in April 2019. The delegation was made up of 49 companies and representatives from four states (ID, NE, GA, HI) and American Samoa. The mostly small and medium sized companies represented a huge variety of different products, mostly consumer-ready foods such as fruit, nuts, snack foods, juices, and alcoholic beverages and are projected to generate $17 million in sales over the next 12 months.
- Boeing Sales. The Boeing Company signed contracts to sell six Boeing 777 freighters to China Airlines (CAL). The total value of the contracts was $2.1 billion.
New Economic and Business Partnerships with Taiwan
- S.-Taiwan jointly launch the Talent Circulation Alliance (TCA): The TCA is a U.S.-Taiwan public-private partnership that facilitates the circulation of talent between Taiwan and like-minded partners in the Indo-Pacific and around the world, with the goal of cultivating a deep pool of capable, internationally-integrated, and digitally savvy professionals. TCA aims to ensure the digital economy develops between the United States and other like-minded economies and seeks to prevent technology brain drain to China. The TCA will recreate new work, exchange, and professional development and upskilling opportunities within the U.S., Taiwan, and the Indo-Pacific and raise awareness about existing channels so talent continues to circulate freely among like-minded economies.
- Taiwan-U.S. Trade and Investment Networking Center: The Taiwan-U.S. Trade and Investment Networking Center will open in Taipei, Taiwan, in November 2019. The center will be organized by the Taiwan External Trade Development Council (TAITRA) and supported by the American Institute in Taiwan and U.S. business. The purpose of the center is to encourage greater trade and investment between the U.S. and Taiwan.