(MENAFN- Caribbean News Global)
President of Taiwan, Tsai Ing-wen
By Caribbean News Global
TORONTO, Canada – Taiwan's participation at the 2021 SelectUSA Investment Summit, , to be held virtually for the first time, will feature premier companies from industries across Taiwan, cutting-edge technology and innovation, US-Taiwan trade relations, and feature programs focused on Foreign Direct Investment (FDI).
US Secretary of Commerce will host the 2021 SelectUSA Investment Summit. ''I am excited to host this year's SelectUSA Investment Summit,'' said Secretary Raimondo. ''As the global economy continues to build back from the COVID-19 pandemic, investments here in America will help drive our economic recovery. We have the workforce, the resources, and the ideas to help businesses grow and compete – and I am looking forward to showcasing that alongside our great public and private sector leaders.''
The SelectUSA Investment Summit is the highest-profile event dedicated to promoting Foreign Direct Investment (FDI) in the United States, … enabling necessary direct connections between investors and US Economic Development Organizations (EDOs).
Taiwan's participation at the 2021 SelectUSA Investment Summit is a continuation from 2018 and 2019 that witnessed tremendous advancement in US-Taiwan trade relations and global economic expansion. At the business opportunity, June 20, 2019, in Washington, DC, Taiwan company Jetton Biochemistry Co., Ltd., in Idaho was among three (Italy and Australia) international companies that announced expansions in the United States. Taiwan led with 106 attendees in the top 10 markets in 2019, where more than 3,000 attendees including 1,200 international registrants from more than 75 markets representing 81 billion in client verified investment.
A recent report stated: ''Taiwanese chipmakers are ahead of their international rivals and it will be tough for US tech companies to reduce their reliance on Taiwan, said Sebastian Hou from CLSA.
''Tech firms like , , as well as , and rely heavily on Taiwanese contract manufacturers to produce up to 90 percent of their chips, according to Hou, who is managing director and head of tech research at the brokerage firm.''
''It's going to be a challenging and long journey for them to diversify away, and thinking about how long it takes for the chip development and cooperation — it's going to take a while,'' he said Monday on CNBC's '' ''
Taiwan is focused on ''Six Core Strategic Industries'' to maintain stable growth by capturing new business opportunities includes (1) Information and digital industries (2) Cybersecurity (3) Industry (4) Biotech and Medical Technology (5) National Defense and Strategic Industries (6) Development of Green Energy and Renewable Energy Industries and Strategic Stockpile Industries.
The government provides ongoing efforts, such as easing regulatory, optimizing Taiwan's startup ecosystem, forging-digital nation and smart island to support the companies to enhance the strategic positioning of Taiwan during the post-COVID-19 world.
Taiwan is located in East Asia, surrounded by the Pacific Ocean and Taiwan Straits has a dynamic economy that has embraced free-market policies driven largely by industrial manufacturing, exports of electronics, machinery, petrochemicals and information and communication technology products. This has positioned the country into the higher stratum of economic expansion and global trade – one of the wealthiest in Asia and ranks sixth in the world on the list of countries, foreign-currency deposits held by national central banks and monetary authorities, heading into the 2021 Investment Summit.
Taiwan is ranked the sixth freest economy in the world according to the Heritage Foundation’s 2018 Index of Economic Freedom. ''Enforcement of contracts is strong. The judiciary is independent, and the court system is largely free of political interference. The level of business freedom in Taiwan is among the highest in the world, surpassing a score of 90 every year since 2013. A relatively well-developed investment framework facilitates the flow of goods and capital. The financial sector continues to evolve and expand, and the stock market is open to foreign participation.''
According to : '' Taiwan economy records fastest expansion in over a decade in Q1'': ''GDP growth sped up to 8.2 percent year-on-year in the first quarter, from 5.1 percent in the fourth quarter of last year, making Taiwan's economy one of Asia's star performers so far in 2021. Q1’s reading marked the fastest expansion since Q3 2010'', in addition, ''Taiwan merchandise exports increase at a quicker pace in April''. ''The consensus is for exports to expand 8.5 percent in 2021 and imports to rise 8.3 percent, bringing the trade surplus to USD 64.9 billion. In 2022, our panel expects exports to grow 5.0 percent and imports to increase 7.7 percent, with a trade surplus of USD 59.8 billion.''
The 8th annual, and first virtual Investment Summit – five days of interactive workshops, speakers, etc, positions Taiwan appropriately among the high-calibre attendees to connect and create new pathways to business deals, trends and opportunities, facilitate the advancement of business intelligence, and US – Taiwan global relations.
The virtual 2021 SelectUSA Investment Summit is central to Taiwan's core principles of democracy, entrepreneurial development, fundamental concepts to social and economic advancement to sustainable investment. This is fundamental to US – Taiwan trade relations and highlights a robust technical program, manufacturing prowess, technology and innovation, global research and development (R & D) that Taiwan has developed, towards its global positioning. This is driven by innovation, the development of a knowledge hub, and a competitive workforce.
Taiwan is ranked 15 among 190 economies in the , according to the latest World Bank annual ratings. Also reference .
The American Institute in Taiwan (AIT) offers commercial service's and provide a variety of resources and support to assist US companies entering the Taiwan market. AIT's Taipei Office ( ) with a total staff of over 450 people undertakes a wide range of activities representing US interests, including commercial services, agricultural sales, consular services and cultural exchanges.
Building business connection successfully in Taiwan and globally the American Institute in Taiwan (ITA) networks of trade professional market intelligence, business connections and advocacy 'serve as a liaison with its counterpart organization, the Taipei Economic and Cultural Representative Office ( ) as well as with US government agencies.
The Department of State offers numerous and Taiwan businesses investing in the United States. These resources provide broad overviews of Taiwan key business and economic conditions to help you make the most informed business decisions.
The virtual 2021 SelectUSA Investment Summit is one such resource to experience Taiwan one-on-one, its foreign business investors, obtain information, company links and global partners to success.
, announced on April 9, ''underscores Taiwan is a vibrant democracy, an important security and economic partner that is also a force for good in the international community.''
Taiwan continues to chart its path to development and democracy. Taiwan’s economic freedom score is 78.6 making its economy the sixth freest in the 2021 Index, primarily because of government integrity.
At the recent Taiwan-hosted event on open government and anti-corruption with participation by the US Department of State, the panel discussed how technology can build freer and more open societies; emphasized the role of technology in supporting information transparency, deepening public-private collaboration, and strengthening civil society; how the COVID pandemic impacted transparency efforts; and how media efforts investigate and raise awareness and guard against corruption.
The Taiwan advantage offer benefits and opportunities at the 2021 SelectUSA Investment Summit that serves more attractive business investments eyeing Taiwan as the alternative. Overcoming obstacles and challenges, merging technology to spur economic growth and innovation, and economic empowerment globally, Taiwan is the gateway to Asia, North America and the global marketplace.
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