Diversification, indeed, does have its merits. Taiwan is already the world’s leading source of semiconductors. However, it’s presenting a wider array of technologies as it develops greater trade collaboration with the American market this year. Top of the list is electric vehicles (EVs) and smart medical technologies, among other emerging technologies.
Taiwan’s trade with the U.S has been brisk and the island wants to deepen the relationship. The island aims to forge closer trade ties with the U.S. on electric vehicles, the metaverse and next-generation communication technologies. This comes as Washington pushes to bring supply chains onshore, the island’s top trade promotion organisation disclosed.
To make such a goal happen, the government-backed Taiwan External Trade Development Council (TAITRA), will host its first-ever expo in Washington this October to showcase Taiwan’s tech capabilities, James Huang, chairman of the council disclosed.
Our relations with the U.S. are the warmest ever. You can tell from Washington’s support, political heavyweights’ visits to the island and the American Institute in Taiwan’s (AIT) collaboration with our industry. It is the best timing for us to seek deeper collaboration with the U.S. industry.
– James Huang, Chairman, Taiwan External Trade Development Council
To jumpstart the campaign, TAITRA will lead two industry delegations on EVs and smart medical technologies to the U.S. capital, California and Michigan by October. Huang, a former foreign affairs minister, said TAITRA is inviting 50 leading Taiwanese tech suppliers in EVs, smart medical equipment and 5G technologies to participate in the expo. The event is intended to demonstrate to Americans that Taiwan not only shares the same “democratic values” with the U.S. but also has technological strengths that go beyond semiconductors, he affirmed.
Huang’s comments come as the U.S. government tries to persuade more high-end manufacturers to set up operations in the country. The White House’s supply chain review in June 2021 stressed the importance of building a competitive EV and battery supply chain, while President Joe Biden signed a bipartisan infrastructure law in December 2021 to support EV infrastructure.
Moreover, he disclosed that the U.S.’s view on manufacturing has completely changed following the Washington-Beijing trade war. The manufacturing sector is now the country’s top priority and the Biden administration is certain to increase the local content for the EV industry. Taiwan must catch this trend to invest and manufacture there, he added.
It’s a great opportunity to diversify its source of export income. TAITRA has been helping suppliers shift production to economies other than China to prepare for a more polarised global market, Huang said. The council has worked closely with the AIT on this front and helped convene the first-ever supply chain restructuring forum in Taiwan in 2019, adding that it will host the fourth one later this year, he added.
Taiwan’s relationship with America has been strong and steady. The U.S has been a major contributor to the island’s growth in technology and in commerce. Recently, the country had a successful joint satellite project with the North American nation and India as reported on OpenGov Asia.
