Taiwan, Texas sign economic cooperation agreement

Taipei, May 10 (CNA) Taiwan and Texas signed an economic cooperation agreement, which was witnessed by Foreign Minister Lin Chia-lung (林佳龍), during an artificial intelligence innovation summit in the U.S. state on Friday.

The agreement, aimed at reinforcing bilateral investment ties, was signed by Richard Lee (李詩欽), chairman of the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA), Glenn Hamer, president of the Texas Association of Business, and Ed Latson, CEO of Opportunity Austin.

After witnessing the signing, Lin said in a Facebook post Saturday that the purpose of his current trip to Texas is not only to strengthen economic exchanges between Taiwan and the United States but also to demonstrate Taipei's readiness to partner with Washington to boost prosperity.

Lin cited the example of Taiwan-based GlobalWafers Co., which will hold a ceremony on May 15 to celebrate the completion of an advanced 12-inch silicon wafer facility in Texas.

According to the State of Texas Taiwan Office, Taiwanese investments in the state cover a wide range of industries such as petrochemical, electronics, communications, aerospace, biotech, financial, food and retail businesses, with aggregate investments topping US$10 billion.

In addition to GlobalWafers, other large Taiwanese investors in Texas include Formosa Plastics Group; iPhone assembler Hon Hai Precision Industry Co.; oil supplier CPC Corp, Taiwan; EVA Airways; container cargo shippers Evergreen Marine Corp. and Yang Ming Marine Transport Corp.; TECO Electric & Machinery Co.; contract electronics maker Wistron Corp.; LCY Chemical Corp.; and synthetic rubber supplier TSRC Corp., the office said.

Meanwhile, the board of Inventec Corp., one of the leading contract notebook computer makers in Taiwan, approved a plan in April to authorize its subsidiary to spend up to US$85 million in Texas to build a plant to roll out AI servers and related products.

Lin said with U.S. President Donald Trump to unveil the AI Action Plan soon, an investment of around US$1.5 trillion by American tech players, such as AI chip designer Nvidia Corp. and the Stargate Project, is expected to create a new wave of AI innovation in the global industrial sector.

Taiwan is expected to provide advanced AI servers to its American clients, which is likely to help Washington maintain its lead in AI development, he said. Meanwhile, Taiwan will continue to play a critical role in the "non-red" AI supply chain, he said, referring to non-China suppliers.

Lin said Taiwan is not only keeping a close eye on the tremendous business opportunities created by AI development, but it is also looking to participate in the U.S. innovation ecosystem by taking advantage of American capital, technologies and talent to produce value-added goods.

Citing President Lai Ching-te (賴清德), Lin said Taiwanese firms will strengthen their foothold at home and extend their reach globally, while working with their American partners to market products around the world.

As long as Taiwan and the U.S. work with each other, they can create a win-win situation and grow together, Lin said.

Meanwhile, Economic Affairs Minister Kuo Jyh-huei (郭智輝) departed for the U.S. on Saturday to attend the 2025 SelectUSA Investment Summit in Maryland from Sunday to Wednesday, with the aim of discussing ways of deepening the Taiwan-U.S. business partnership and boosting economic exchanges.

Hosted by the U.S. Department of Commerce, the SelectUSA Investment Summit is the premier event for promoting foreign direct investment in the U.S.

After the summit, Kuo will fly to Texas to attend the ceremony held by GlobalWafers' new silicon wafer facility in the U.S. state, which has become a major location for Taiwanese investors.

In July 2024, Kuo signed a letter of intent with Texas Governor Greg Abbott to collaborate on business initiatives in semiconductors, electric vehicles, energy resilience and technology innovation.