Taiwan maintained its position as the largest delegation at the “SelectUSA Investment Summit” for the second consecutive year, with Geng Mingxin, Secretary-General of the Executive Yuan of the Republic of China, emphasizing the significant growth in Taiwan-US trade and investment relations in recent years. The United States has become Taiwan’s largest foreign investment destination, symbolizing a more stable and enduring economic cooperation between Taiwan and the US.
The Executive Yuan of the Republic of China issued a press release stating that Secretary-General Geng Mingxin attended the welcome reception for the Taiwan delegation at the “SelectUSA Investment Summit” hosted by the US Representative Office on May 11th US East Coast time. It was Geng’s second term as the delegation leader, and this year, Taiwan had a total of 138 companies and 183 representatives participating, maintaining a scale similar to the one in 2022 when he co-led the delegation with Minister without Portfolio Deng Zhenzhong. Both times, Taiwan represented the largest foreign delegation, highlighting the deepening Taiwan-US economic and trade relations.
Geng Mingxin expressed his gratitude to the US representatives for attending the event, especially on Mother’s Day, demonstrating the significant progress in Taiwan-US economic and trade relations. He pointed out that Taiwan has become the seventh-largest trading partner of the United States, with bilateral trade between Taiwan and the US reaching $157.9 billion, a 34% increase from the previous year. Not only has Taiwan’s exports to the US grown, but US exports to Taiwan have also achieved double-digit growth, indicating a closer relationship between Taiwan and the US.
In addition to trade, Geng Mingxin mentioned that Taiwan’s investment in the US has been continuously increasing, with Taiwan’s investment in the US reaching $14.126 billion in 2024, a 45% increase. Taiwanese companies have invested over a hundred billion US dollars in the US, creating more than 400,000 job opportunities. Among them, Taiwan Semiconductor Manufacturing Company’s (TSMC) investment in Arizona is not only the largest single foreign investment project but also will drive the entire semiconductor supply chain to establish a presence in the US, creating a significance exceeding billions of dollars.
“As the Taiwanese government encourages Taiwanese companies to invest in the US, it will also expand procurement of US agricultural products, energy, and defense equipment to promote a more diversified trade development. As enterprises flock to the US to explore investment environments, I urge the US Senate to expedite the passage of the ‘Avoidance of Double Taxation Agreement’ (ADTA) between Taiwan and the US to create a more favorable investment environment, and encourage Taiwan and the US to jointly engage in collaborative research or cooperation in advanced semiconductor, artificial intelligence, and quantum computing fields to further enhance bilateral cooperation and make America great again,” stated Geng Mingxin.
Before the reception, Geng Mingxin also accepted interviews from Taiwanese and American media. When asked about whether the US tariff measures have affected investment willingness, he emphasized that the Taiwanese government team places high importance on US tariff policies. President Lai Ching-te and Premier Su Tseng-chang have held multiple industry forums with domestic industries, and the activities of SelectUSA over the years will be helpful for Taiwan-US industrial cooperation. If Taiwanese companies invest in the US and deepen bilateral economic and trade relations, it will help solve the trade deficit issue in the long run.
In response to a question about possible cooperation between Taiwan and the US on economic security issues, Geng Mingxin pointed out that issues such as illegal transshipment and money laundering are highly valued by Taiwan and the US, and continuous dialogues and exchanges are in place. The government has recently stepped up inspections and increased fines, urging Taiwanese businesses to comply with relevant regulations.
Regarding inquiries about the potential for cooperation between Taiwan and the US in shipbuilding and military industries, he noted that Taiwan possesses certain technological and manufacturing capabilities in the shipbuilding industry. If the US has such needs, he hopes that both sides can engage in cooperation. The military industry is one of the five key industries promoted by President Lai, and Taiwan and the US can combine their technologies and mass production experiences for collaboration.