August 29, 2017
AIT Official Text #: OT-1716
(As Prepared for Delivery)
Distinguished guests from the United States and Taiwan, Ladies and gentlemen, Good morning!
It is an honor to be here today to address the opening of the 6th U.S. Business Day, an annual event that helps us strengthen and expand the significant economic relationship between the United States and Taiwan.
First, I thank the Ministry of Economic Affairs and the Taiwan External Trade Development Council (TAITRA) for consistently lending their strong support to U.S. trade and investment initiatives. We greatly appreciate your cooperation.
I would also like to welcome the 18 U.S. companies joining us here today, as well as the Economic Development Office representatives from the states of Utah, New Mexico, Hawaii, and Pennsylvania.
Taiwan’s strong democratic institutions and dynamic market economy make it a natural export market for U.S. firms. In 2016, Taiwan was the United States’ 10th-largest trading partner in goods, placing it ahead of other large economies such as Italy and Brazil. It was also the 14th-largest U.S. export market overall and the seventh largest source of foreign students pursuing higher education in the United States.
In 2016, U.S. exports to Taiwan were in excess of US$ 26 billion while imports from Taiwan were approximately US$ 39 billion.
In addition to robust bilateral trade, investment is another key component that drives our mutually beneficial economic relationship.
While the United States is a prominent source of outward investment to Taiwan and many other locations around the world, it is also a vibrant, secure investment destination for foreign business leaders.
The United States is a large, open, and diverse economy with a skilled, educated, and mobile workforce. There are attractive business opportunities in every corner of our nation. I know that the representatives from the states and companies here with us this morning have all prepared to share a wide variety of unique and exciting opportunities with Taiwan investors.
Taiwan’s confidence in the United States as a leading investment destination is reflected by the enthusiastic participation in our SelectUSA Investment Summits. Taiwan’s SelectUSA delegations have been among the largest each year since the inaugural Summit was held in 2013. At the 2017 Summit, Taiwan’s business delegation was not only the largest ever from Taiwan, but also the second largest of all foreign delegations, with 140 participants from 83 companies. This consistent level of support demonstrates the strong commercial ties between the United States and Taiwan, and suggests that our relationship will only grow stronger in the years to come.
On that note, I am excited to announce that the 5th SelectUSA Investment Summit will be held from June 20th through June 22nd, 2018. We warmly welcome Taiwan’s participation, and look forward to hosting another impressive Taiwan delegation at next year’s Summit.
Looking towards the future, I am confident that continued mutual cooperation and beneficial exchange will allow us to further deepen our economic ties and strengthen the U.S.-Taiwan relationship.