Cabinet Secretary-General Kung Ming-hsin (龔明鑫) attended the welcome reception for the Taiwanese delegation at the SelectUSA Investment Summit Sunday, local time. As his second year heading the delegation at the U.S.-based event, Kung said the growth in attendance represented the deeping U.S.-Taiwan trade ties, and answered questions about Taiwan’s investment future in the United States.
Kung pointed out that bilateral trade between Taiwan and the U.S. has increased by over 34% compared to the previous year, with Taiwan rising to the United States’ seventh largest trading partner. Taiwan has also increased its investment in the United States– to-date, Taiwanese companies have invested more than US$100 billion, and created more than 400,000 jobs.
Kung said that among those investments, TSMC’s Arizona investment holds a significance exceeding hundreds of billions of dollars as it will help drive the U.S. semiconductor supply chain. He continued that the Taiwanese government encourages companies to invest in the U.S., while additionally expanding purchases of American agricultural products, energy, and defense equipment among others. Following this, he urged the U.S. Senate to pass the U.S.-Taiwan Expedited Double-Tax Relief Act as soon as possible to create a more favorable environment for future investments. Kung added that cooperation between Taiwan and the U.S., such as in the advanced technology and computing sectors, can make America great again.
Speaking on the effect of U.S. tariffs on potential investments, Kung pointed out how President Lai Ching-te (賴清德) and Premier Cho Jung-tai (卓榮泰) have recently held meetings with affected industries. He claims that Taiwanese companies can help solve the trade deficit in the long run by investing in the U.S., thereby deepening economic and trade relations.