Texas, Taiwan sign economic co-operation pact

Texas Governor Greg Abbott and Taiwan’s Minister of Economic Affairs, Kuo Jyh-huei, have recently signed a statement of intent on economic co-operation during a meeting in Taipei.

Abbott highlighted the opportunity for both countries to work together in key industries like semiconductors, energy, and electric vehicle manufacturing. He understands the significance of a robust Taiwan for worldwide economic growth.

Governor Abbott announced that Texas will open a representative office in Taiwan. This move marks the first overseas base Texas has established this century outside of Mexico.

Taiwan was the prime source of foreign direct investment in Texas in 2022, contributing over $5 billion. Additionally, Taiwan ranked as Texas’s seventh-largest trading partner last year.

Abbott will visit South Korea and Japan as part of an economic development mission, following his visit to Taiwan. Texas legislators will also be part of the delegation.

Attribution: Bloomberg