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Taiwan, US strengthen investment ties

Publication Date : 01-11-2012

 

A high-level US representative yesterday signed the Pacific Bridge Initiative (PBI) with the Taiwan External Trade Development Council (TAITRA) in a move to strengthen bilateral trade and investment ties.

Francisco Sanchez, the US under secretary of commerce for international trade, signed the initiative — between TAITRA and the United States and Foreign Commercial Service — with the goal of promoting Taiwan as a commercial hub in the Greater China and Asia-Pacific region, encouraging US companies to exhibit at trade shows in Taiwan, and enhancing the commercial relationship between the US and Taiwan.

It is hoped that in future both sides will share Internet and media resources in several fields including renewable energy, environmental protection, travelling and tourism, information communication technology, publication, education, medical care and bio-science.

According to Sanchez, the US has signed statements of intent (SOIs) with similar organisations in Hong Kong and Singapore. He believes that the PBI will have a positive impact for people and businesses in both Taiwan and the US.

At another venue, Sanchez signed a separate SOI with the Importers and Exporters Association of Taipei and New Taipei Importers and Exporters Chamber of Commerce. It is hoped that these agreements will educate US companies about export opportunities in Taiwan, promote investment opportunities in the US for Taiwan companies, make Taiwan a commercial hub and gateway to the mainland China market and enhance relationships between Taiwan and the US.

Sanchez said that the American Institute in Taiwan's Commercial Section cooperated with the two organisations as part of achieving the goal of US President Barack Obama's National Export Initiative. The initiative looks to double US exports by the end of 2014 and promote SelectUSA, a US effort to attract foreign direct investment.

In his lecture at the Taiwan Business Community Luncheon, Sanchez said he hopes Taiwan keeps up to pace with neighbouring countries and continues to open up its market. He said allowing US beef imports is an important step in this direction. He called Taiwan a responsible trade partner for allowing the imports.

 

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