On July 7th, Minister of Economic Affairs Jyh-Huei Kuo, and Texas Governor Greg Abbott jointly signed the Taiwan-Texas Economic Development Statement of Intent (EDSI), to strengthen bilateral trade, investment, and industrial cooperation in fields such as semiconductors, EVs, energy resilience, and innovative technologies.
In 2023, Taiwan was Texas's fifth largest import source and export market in Asia, with a total trade volume of $21.3 billion. In terms of close bilateral economic and trade relations, Taiwan becomes the third to sign an EDSI with Texas, after the U.K. and France.
Governor Abbott emphasized the solidarity between Texas and Taiwan and stated that the EDSI will further promote bilateral investment, expand trade, create job opportunities, and enhance innovation capacity in key industries between both sides.
Minister Kuo said that for Taiwanese businesses, Texas was a primary investment destination in the U.S. and the Ministry of Economic Affairs (MOEA) will support businesses' overseas expansion and work with the Texas government to create a high-quality supply chain ecosystem and strengthen supply chain resilience.
The MOEA welcomed the establishment of Texas state trade office in Taiwan and a designated single window within the Ministry will be set up to promote bilateral economic and trade cooperation and create mutually beneficial partnerships.