The Greater Phoenix Economic Council (GPEC) and Startup Island TAIWAN, with the support of the National Development Council (NDC) of Taiwan, signed a Memorandum of Understanding (MOU) on Thursday, recognizing the organizations’ commitment to fostering future collaboration and investment opportunities for Taiwan’s startup community in Greater Phoenix.
More than 20 organizations were in attendance for the historic signing, which marks a new chapter of collaboration between Arizona and Taiwan by forging a relationship with the startup community and bolstering targeted emerging industries. This initiative underpins the shared strategy of strengthening innovative ties between Arizona and Taiwan. The mutually beneficial nature of the U.S.-Taiwan relationship was reinforced by the presence of U.S. Sen. Mark Kelly of Arizona and NDC Minister Kung Ming-Hsin alongside Startup Island TAIWAN Managing Director Amanda Liu and GPEC President & CEO Chris Camacho.
Establishing this framework will help Taiwanese startups internationalize and further technological collaboration in key emerging sectors, including cybersecurity, green energy technology, 5G, information and communications technology (ICT), semiconductor life science and healthcare, aerospace, artificial intelligence, autonomous systems, advanced manufacturing and e-mobility.
“This partnership will open new doors for Taiwanese and American entrepreneurs and existing companies seeking expansion,” said GPEC President & CEO Chris Camacho. “A stronger relationship will invigorate both Taiwan and Arizona economies as we welcome the exchange of innovation, creativity and diversity.”
“The United States and Taiwan have many shared values and a deep, mutually beneficial economic relationship,” said Senator Mark Kelly. “This agreement builds on that by creating a pathway to foster even more collaboration and drive investment into critical industries in both Arizona and Taiwan. As Arizona’s Senator, I’ll continue working to find more opportunities to support shared investment and innovation between the United States and Taiwan.”
Objectives of the MOU include the exchange of information on industry and investment projects, to encourage the organization of joint business missions and other activities, to facilitate soft landing opportunities for Taiwanese startups in Greater Phoenix programs, including the Global Growth Accelerator and other regional assets, and to mutually promote joint initiatives.
Taiwan is globally recognized as a hub of innovation and entrepreneurship, ranking first in the Asia Pacific Region and fourth in the world in innovation capability. Its growing relationship with Arizona is bolstered by the $40 billion commitment of Taiwan Semiconductor Manufacturing Company (TSMC), the largest semiconductor company in the world. In 2022, there was more than $3 billion in trade between the two, a three-fold growth since 2018, elevating Arizona to a top-10 state in both imports and exports with Taiwan.