Sen. Kelly in Taiwan with Greater Phoenix Economic Council for Signing of Economic Agreement

The agreement, signed by the Greater Phoenix Economic Council and Startup Island TAIWAN, will bolster mutually beneficial investments in Arizona

Arizona Senator Mark Kelly was in Taiwan with the Greater Phoenix Economic Council (GPEC) to support the signing of a Memorandum of Understanding (MOU) between GPEC and Startup Island TAIWAN, with the support of the National Development Council (NDC) of Taiwan. The agreement, signed Thursday in Taipei, recognizes the organizations’ commitment to fostering future collaboration and investment opportunities for Taiwan’s startup community in Greater Phoenix.  

The historic signing 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 Sen. Kelly, GPEC President & CEO Chris Camacho, NDC Minister Ming-Hsin Kung, and Startup Island TAIWAN Managing Director Amanda Liu. 

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), semiconductors, life science and healthcare, space, and e-mobility.  

“The United States and Taiwan have many shared values and a deep, mutually beneficial economic relationship,” said Sen. 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.”  

“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 means a strengthened Taiwan and Arizona as we welcome the exchange of innovation, creativity and diversity.”   

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.