Greater Phoenix Economic Council, Startup Island TAIWAN sign MOU in Taipei
Published: 08/17/2023
Updated: 04/10/2024
The Greater Phoenix, Arizona-based economic development organization and Taiwan national startup brand signed the agreement alongside U.S. Sen. Mark Kelly
TAIPEI, Taiwan (Aug. 17, 2023) — The Greater Phoenix Economic Council (GPEC) and Startup Island TAIWAN, with the support of the National Development Council (NDC) of Taiwan, signed a Memorandum of Understanding (MOU) on Thursday, recognizing the organizations’ commitment to fostering future collaboration and investment opportunities for Taiwan’s startup community in Greater Phoenix.
More than 20 organizations were in attendance for the historic signing, which 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 U.S. Sen. Mark Kelly of Arizona and NDC Minister Kung Ming-Hsin alongside Startup Island TAIWAN Managing Director Amanda Liu and GPEC President & CEO Chris Camacho.
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), semiconductor life science and healthcare, aerospace, artificial intelligence, autonomous systems, advanced manufacturing and e-mobility.
“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 will invigorate both Taiwan and Arizona economies as we welcome the exchange of innovation, creativity and diversity.”
“The United States and Taiwan have many shared values and a deep, mutually beneficial economic relationship,” said Senator Mark 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.”
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.
About GPEC
The Greater Phoenix Economic Council (GPEC), awarded the Gold Shovel Award for the fourth time in five years by Area Development Magazine, works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. A data-driven regional EDO, GPEC works with 22 member communities, Maricopa County and more than 200 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix. Over the past 34 years, GPEC has fueled the regional economy by helping 987 companies, creating nearly 182,000 jobs and $66 billion in capital investment. Greater Phoenix is in a relentless pursuit of innovative and entrepreneurial-focused companies looking to thrive and scale in a vibrant, dynamic region. There is an undeniable spirit about Greater Phoenix; one rooted in strength, collaboration and resilience. Greater Phoenix is Greater Together. For more information about GPEC and how we can assist your businesses, visit https://www.gpec.org/.