Taiwan plans 1st investment and trade center in Texas

Taipei, Feb. 3 (CNA) Taiwan's Ministry of Economic Affairs (MOEA) said Monday that it plans to set up an investment and trade center in Texas.

In a statement, the MOEA said the upcoming investment and trade center, along with more in other parts of the U.S., would serve as a bridge to state governments for Taiwanese companies to obtain the necessary assistance.

The MOEA's pledge came after U.S. President Donald Trump signed executive orders on Saturday to impose a 25 percent tariff on goods from Canada and Mexico, except Canadian energy products, and a 10 percent tariff hike faced by China's exporters. The tariff actions will become effective on Tuesday.

Trump's new tariffs are expected to affect more than 300 Taiwanese firms with production lines in Mexico, including Taiwan-based manufacturing giant Hon Hai Precision Industry and fellow contract electronics makers Pegatron Corp., Wistron Corp. and Quanta Computer Inc.

Speaking with CNA, an MOEA official said investment and trade centers are planned in states that have signed memorandums of understanding with Taiwan for investment cooperation.

Through the investment and trade centers, Taiwanese investors are expected to seek potential American partners and team up with them, while transferring their production in a global supply chain to the U.S. market from a country slapped with massive tariffs by Trump, the MOEA said.

The ministry said it would also help Taiwanese enterprises planning to diversify their production consider investing in other markets such as Southeast Asia and India.

According to the ministry, the Taiwan External Trade Development Council (TAITRA), a government-sponsored trade promotion group, will establish task forces in the U.S., Canada, Mexico, Southeast Asia and South Asia to provide timely services and consultation to Taiwanese firms affected by Trump's tariff actions.

The government-sponsored Industrial Technology Research Institute (ITRI) has also been instructed to assist Taiwanese firms for a technology upgrade to boost competitive edge in the global market, the ministry said.