By Caribbean News Global
TORONTO, Canada – At the recently held SelectUSA Investment Summit June 7-11, The American Institute in Taiwan (AIT) announced that “220 delegates representing 153 companies from across Taiwan,” joined global business leaders and US government officials in an all-virtual format. “This represents the largest single delegation from a foreign market to ever attend the annual Summit, which is now in its eighth year,” said, American Institute in Taiwan (AIT).
“Since 2017, investment projects directly tied to the Investment Summit total over USD$44 billion supporting over 37,000 jobs, expanding exports, and driving innovation through manufacturing, services, and increased research and development.
“The Investment Summit has helped the United States attract more Foreign Direct Investment (FDI) than any other country in the world, with a total value of USD $4.46 trillion at the end of 2019. These investments support more than 14 million direct and indirect US jobs and were responsible for more than one-quarter of the $382.7 billion of US goods exports.
“Taiwan companies currently operating in the United States support 19,100 jobs, invest almost $159 million annually in R&D, and contribute $1.6 billion to US goods exports. The total stock of FDI from Taiwan companies was $47 billion, per the latest data available at the end 2019,” AIT reported.
In addition to the global Summit, AIT organized customized virtual meetings with more than 40 partners for the Taiwan delegates. These meetings were with government and industry leaders to explore opportunities in sectors including electric vehicles, semiconductors, the semiconductor supply chain, unmanned aerial vehicles, and personal protective equipment, as well as with venture capital firms that support startup ecosystems.
According to AIT director W. Brent Christensen: “We created a customized program for these strategic sectors in order to deepen our commercial ties with Taiwan, a trusted partner in securing critical global supply chains, which is a top priority of the Biden administration.”
Of mutual importance and under the auspices of AIT and TECRO, June 10, was the virtual meeting between the United States Trade Representative Katherine Tai and Taiwan minister without-portfolio John Deng.
“Ambassador Tai emphasized the importance of the US-Taiwan trade and investment relationship and explained the Biden-Harris administration’s worker-centered trade priorities. Ambassador Tai also expressed the United States’ continued interest in working together with Taiwan on issues of common concern in multilateral organizations,” AIT reported.
Ambassador Tai and minister Deng committed to the convening of the 11th Trade and Investment Framework Agreement (TIFA) Council meeting under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO) in the coming weeks.
In a series of published articles exclusive to Caribbean News Global (CNG) in accordance with the SelectUSA Investment Summit and US – Taiwan relations; the impact of Taiwan’s representation is important to US -Taiwan trade and investment as the two countries continue working on issues of common concern in multilateral organizations.