The delegation led by Minister Wang to the U.S. made another fruitful outcome last week. On October 13, seven MOUs were signed by the Taiwanese companies Aerospace Industrial Development Corporation (AIDC), Taipower, Quanta Cloud Technology (QCT), HTC, TMY Technology (TMYTEK), and Edgecore Networks (Edgecore) and the U.S. companies GE, Intel, and RingCentral to jointly explore business opportunities for renewable energy and 5G telecommunication.
Economic Minister Mei-hua Wang witnessed the signing of these MOUs. Director General of Bureau of Foreign Trade (BOFT) Cynthia Kiang and U.S. Assistant Commerce Secretary Arun Venkataraman also were joining the ceremony.
The MOEA stated that during a video conference on 7 December 2021, Minister Wang and U.S. Commerce Secretary Gina M. Raimondo jointly announced the establishment of the Technology Trade and Investment Collaboration (TTIC) Framework, which aims to promote bilateral trade, investment and industry cooperation, as well as leverage complementary Taiwan-U.S. advantages in supply chains to maintain respective industrial edges in global competition. The signing of the MOUs shows the willingness of Taiwanese and U.S. companies to deepen partnerships and will broaden prospects for Taiwan-U.S. bilateral cooperation.
Minister Wang remarked that with the ever-changing international situations, countries have attached great importance to supply chain resilience and security to ensure sustainable industrial development and economic stability. Since Taiwan and the U.S. play pivotal roles in global supply chains, bilateral cooperation is becoming closer in this rapidly changing world. We look forward to deepening bilateral industrial cooperation, enhancing each other's advantages, and jointly exploring international markets under the frameworks of the MOUs. Through shared values and interests, Taiwan and the U.S. will continue to strengthen bilateral relations.
The areas of cooperation are mainly related to carbon reduction and 5G telecommunications. In renewable energy, GE will cooperate with Taipower and AIDC. GE will help AIDC establish maintenance services for high-powered GE gas turbines in Taiwan and establish a strategic partnership with Taipower to achieve the target of net-zero carbon emissions by 2050.
As for cooperation on 5G, Taiwan's ICT industry has outstanding capabilities in hardware design and manufacturing, while the U.S. is adept in software, services, and branding. Both sides have established a solid foundation for cooperation in the ICT industry. For example, QCT is partnering with Intel, HTC is partnering with Lumen Technologies, and RingCentral is partnering with HTC and Edgecore to jointly develop and explore business opportunities for private 5G network smart manufacturing, entertainment performances, and medical care. DuPont will provide critical ceramic materials to assist TMYTEK in developing millimeter-wave antennas and explore business opportunities for low-orbit satellites. Based on the complementary advantage of both sides, the MOEA will continue to facilitate the diversification of the 5G supply chain and help Taiwanese and U.S. companies vie for international 5G and broadband infrastructure business opportunities.