The Ministry of Economic Affairs and the State of Texas Sign a Statement of Intent for Economic Development, Deepening Taiwan-U.S. Economic and Trade Partnership

Minister of Economic Affairs, J.W. Kuo, and Texas Governor, Greg Abbott jointly signed the "Taiwan-Texas Economic Development Statement of Intent" on the 7th. This establishes a foundation for strengthening bilateral trade, investment, and industrial cooperation in fields such as semiconductors, electric vehicles, energy resilience, and innovative technologies, further deepening the Taiwan-U.S. economic and trade partnership.

Texas, the second most populous state in the United States, had Taiwan as its fifth-largest import source and export market in Asia in 2023, with total trade between the two reaching $21.3 billion. Amid close bilateral economic and trade relations, Taiwan becomes the third economic and trade partner, after the United Kingdom and France, with whom the Texas government has proactively sought to sign an economic development statement of intent.

Governor Abbott stated that the signing of this statement of intent for economic development will further promote bilateral investment between Texas and Taiwan, expand trade, create job opportunities, and enhance innovation capacity in critical industries on both sides.

Minister Kuo noted that Texas is a primary investment destination for Taiwanese businesses in the United States. Building on this statement of intent, both parties will enhance cooperation. The Ministry of Economic Affairs will, in the future, support businesses' overseas expansion through a large-to-small approach and collaborate with the Texas government to assist businesses on both sides in creating a high-quality supply chain ecosystem, thereby strengthening supply chain resilience.

Governor Abbott emphasized the solidarity between Texas and Taiwan. The Ministry of Economic Affairs welcomes the establishment of a Texas presence in Taiwan, and Minister Kuo responded by stating that a designated single window within the Ministry will be set up to facilitate bilateral economic and trade cooperation.