October 4, 2018
AIT Official Text #: OT-1829
(As Prepared for Delivery)
MOEA Vice Minister Wang, TAITRA Vice Chairman Chuang, Wyoming Governor Mead, 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 7th U.S. Business Day, an annual event that helps strengthen and expand the economic relationship between the United States and Taiwan.
I would like to begin by congratulating Governor Mead and the State of Wyoming for establishing a trade and investment office here in Taiwan. Working directly with state trade and investment offices helps Taiwan companies evaluate potential projects and site locations and there is ample evidence to back that up. U.S. states with trade offices in Taiwan have had great success in attracting investment into their states. I am confident Wyoming will soon become another success story.
I would also like to thank the Ministry of Economic Affairs and the TAITRA for consistently lending their support to U.S. trade and investment initiatives.
And I want to welcome the 12 U.S. companies joining us here today, as well as the Economic Development Office representatives from the states of Arkansas, Hawaii, Louisiana, and Wyoming.
Taiwan’s democratic institutions and dynamic market economy make it a natural export market for U.S. firms. In 2017, Taiwan was the United States’ 11th largest trading partner in goods, placing it ahead of other large economies such as Brazil and the Netherlands. Taiwan was also the 14th largest U.S. export market overall, ahead of India. Taiwan is the seventh largest source of foreign students pursuing higher education in the United States, ahead of both Japan and Mexico.
Likewise, the United States is proud to be Taiwan’s 2nd largest trading partner, and we look forward to finding new ways to strengthen and expand our trade relationship.
In addition to robust bilateral trade, investment is another key component of our mutually beneficial economic relationship.
The United States is a leading source of investment into Taiwan and many other locations around the world. U.S. investment in Taiwan ranges from semiconductors to financial services.
Similarly, we welcome investment into our country. The United States is a large, open, and diverse economy with a skilled, educated, and mobile workforce. From Alaska to Florida, there are attractive business opportunities in every corner of our nation. I know that the representatives from the U.S. states and companies here with us this morning are all prepared to share a wide variety of unique and exciting opportunities with Taiwan investors.
But I don’t have to tell you. Taiwan’s participation in our SelectUSA Investment Summits says it all. Of all participating delegations, Taiwan’s SelectUSA delegation have been among the largest each year since the inaugural Summit was held in 2013. At the 2018 Summit, Taiwan’s business delegation was the largest of all foreign delegations, with 124 participants from over 60 companies.
The delegation that we assemble for the Investment Summit in Washington, DC, each June is an example of how U.S. states, AIT, MOEA, and TAITRA work together for shared prosperity.
On that note, I am excited to announce that the 6th SelectUSA Investment Summit will be held from June 10th through June 12th, 2019, in Washington, DC. 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 cooperation and exchange will allow us to deepen our economic ties and strengthen the broader U.S.-Taiwan relationship.