Taipei, Aug. 21 (CNA) “Startup Island Taiwan,” a platform created by the National Development Council (NDC) to promote a good ecosystem for startup companies, has signed a memorandum of understanding (MOU) with the Greater Phoenix Economic Council (GPEC), a major business group in the American city, to push for cooperation.
In a statement released on Monday, the NDC said that under the MOU, both sides will forge a close partnership in critical areas such as cybersecurity and 5G applications.
The agreement was signed in the American Club Taipei on Aug. 17, witnessed by NDC Minister Kung Ming-hsin (???) and U.S. Senator Mark Kelly from Arizona, according to the council.
The NDC said the Startup Island Taiwan platform represents the image of Taiwan’s startup ecosystem, which “is on the upward trajectory, gaining recognition and achieving good performances in the international arena.”
As for the GPEC, the business group said on its website that it has fueled the regional economy in the past 33 years by helping 950 companies, creating more than 174,000 jobs and US$36 billion in capital investments.
The group has been named one of the top economic development organizations in the United State by the U.S.-based non-profit International Economic Development Council.
In the statement, the NDC said the MOU is expected to speed up the pace for Taiwanese startup companies to go international and help these new companies strengthen technology development in emerging areas.
In addition to cybersecurity and 5G applications, both sides are also eyeing development in other areas, including green energy, information and communications technologies, semiconductors, life sciences, medical care, aviation, artificial intelligence, autonomous systems and advanced manufacturing, the NDC said.
Addressing the signing ceremony, Kung said while Taiwan has boasted vibrant capabilities in research and development and built close ties with the Silicon Valley and Boston in the U.S. on the back of the efforts made by the local startup community and the government, he believed cooperation with the GPEC will extend the reach of Taiwanese startups to the Greater Phoenix area.
Kung said Startup Island Taiwan and the GPEC are expected to not only increase exchanges to seize business opportunities but also to further strengthen economic relations between the U.S. and Taiwan.
In response, Kelly said the cooperation between Startup Island Taiwan and the GPEC came at a crucial moment as the U.S. and Taiwan have shared values and benefit from their bilateral economic ties so the MOU is expected to pave the way for a stronger economic partnership between the two sides.
Echoing Kelly, Chris Camacho, president and CEO of the GPEC, said he had faith that the close U.S.-Taiwan business ties will lead to more innovations, creativity and diversified exchanges and eventually boost the economic growth of Taiwan and Arizona.
In Phoenix, Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, is investing US$40 billion to build two advanced wafer plants after urgings from the U.S. to produce microchips locally to ensure a secure and stable supply for American consumers and TSMC’s U.S. clients.
According to the NDC, Kelly has strongly supported the establishment of a solid semiconductor supply chain in the U.S. and among his efforts, he has pushed for the CHIP and Science Act, which was signed by President Joe Biden into law last summer to provide subsidies for semiconductor investments.
TSMC is seeking to receive some of the US$52 billion in semiconductor industry subsidies approved under the Act.
