Taiwan and Arizona forge partnership to create new business opportunities
The Taiwan-USA Industrial Cooperation Promotion Office (TUSA), under the aegis of the Ministry of Economic Affairs (MOEA), and the Greater Phoenix Economic Council (GPEC), on Tuesday signed a Memorandum of Understanding (MOU) on industrial cooperation with the aim to foster closer partnership between Taiwan and Arizona. The MOU signing took place at the 2021 Taiwan–Arizona Forum on Industrial Cooperation & Business Opportunities.
“Signing of the MOU encourages both sides to move toward a tighter bilateral industrial cooperation, particularly on the heels of Taiwan Semiconductor Manufacturing Company’s plan to build a $12 billion fab in Arizona,” said Chih-Ching Yang, deputy director general of the Industrial Development Bureau (IDB). “Taiwan is a semiconductor powerhouse, fetching more than one fifth of the world’s chip manufacturing capacity and Arizona’s strong high-tech presence and innovation ecosystem have made it home to a host of heavy-weight manufacturers. Increased demand for electronics drives a growth in the demand for chips.”
Jointly signed by Stephen Su, CEO of TUSA, MOEA and Chris Camacho, president & CEO of GPEC, the two parties will take advantage of the existing foundation and emerging resources available in Taiwan and the Greater Phoenix area of Arizona to establish a reliable industrial cooperation platform, develop and manufacture next-generation microelectronic products, match strategic partners, and encourage related industries to join in forces. According to the nonprofit World Semiconductor Trade Statistics (WSTS), the worldwide semiconductor market is expected to increase to around $589 billion in 2025, a 34% hike from $440 billion recorded in 2020. Combining Arizona and Taiwan’s electronic prowess, Taiwan and Arizona can attain a significant portion of the market and shape the future industrial landscape.
“Phoenix and Taipei have had a deep relationship as Sister Cities for more than forty years. We also have strong business relationships, and I am thrilled to be welcoming Taiwan Semiconductor Manufacturing Company to Phoenix,” said Kate Gallego, Mayor of City of Phoenix. “Before our world changed as we knew it, I had the honor of traveling to Taiwan in 2019. I was excited to see the thriving advanced manufacturing and biosciences sector. I look forward to continued trips, and welcoming companies to Phoenix, as we continue our friendship and grow our business ties.”
“Today is significant as we further solidify our relationship with TUSA and celebrate TSMC’s entry into Greater Phoenix – a defining investment serving as a springboard to a successful bi-national partnership,” said Chris Camacho, president & CEO of the Greater Phoenix Economic Council. “As partners, Greater Phoenix and Taiwan share common economic goals with legacies built on similar industries. This signing represents a coming together of shared vision to form a strategic alliance rooted in collaboration and innovation, and together we will bring opportunity and economic success to both regions.”
The MOU signing was witnessed by Chih-Ching Yang, deputy director general of the Industrial Development Bureau (IDB), MOEA; Sandra Watson, president & CEO of the Arizona Commerce Authority, Kate Gallego, Mayor of City of Phoenix, and Brent E. Omdahl, commercial section chief of American Institute in Taiwan (AIT).
“Although suffering re-assault of COVID-19 over the past weeks, Taiwan’s toll of confirmed cases and deaths since the outbreak of the disease in early 2020 is still far fewer than most countries in the world,” said Yang. “Steadfast support from domestic equipment manufacturing, petrochemical, and medical device industries has enabled Taiwan to become a crucial supplier of anti-epidemic products, including masks, protective gowns, protective visors, respirators, and temperature scanning gadgets. It demonstrates Taiwan’s position to work with Arizona in jointly developing the medical device industry.”
“As global leaders for technology and innovation, Arizona and Taiwan represent natural partners for collaboration and investment,” said Sandra Watson, president & CEO of Arizona Commerce Authority. “TSMC’s legacy investment has highlighted the tremendous potential of this strategic partnership, with more opportunity and success to come.”
Mr. Stephen Su, vice president and general director, Industry, Science and Technology International Strategy Center (ISTI), Industrial Technology Research Institute (ITRI); and experts from SEMI, Arizona Bioindustry Association (AZBio), Biotechnology and Pharmaceutical Industries Promotion Office (BPIPO), MOEA, and KANTO-PPC also shared insights and experiences of industrial cooperation and investment opportunities at the forum. All parties anticipate the forum will set a new milestone for industrial cooperation between Arizona and Taiwan.