“Startup Island Taiwan,” a groundbreaking initiative fostered by the National Development Council (NDC) to nurture a thriving environment for startup enterprises, has entered into a significant memorandum of understanding (MOU) with the influential Greater Phoenix Economic Council (GPEC), a prominent business consortium based in the United States. The accord aims to facilitate strategic cooperation between the two entities and was formally ratified on August 17th.
In an official statement issued on Monday, the NDC highlighted that the MOU outlines a close partnership between the two sides, focusing notably on the realms of cybersecurity and cutting-edge 5G applications. This synergistic effort holds the potential to bolster technological advancements and business growth in both regions.
The momentous agreement was ceremoniously signed at the American Club Taipei, witnessed by NDC Minister Kung Ming-hsin and U.S. Senator Mark Kelly of Arizona, according to the council’s announcement.
Startup Island Taiwan stands as an emblematic representation of Taiwan’s burgeoning startup ecosystem, which has garnered international acclaim and showcased remarkable achievements on the global stage. Conversely, the Greater Phoenix Economic Council has played a pivotal role in invigorating the regional economy over the past three decades, having facilitated the growth of 950 companies, the creation of more than 174,000 job opportunities, and an influx of US$36 billion in capital investments.
Acknowledged by the U.S.-based non-profit International Economic Development Council as a top-tier economic development organization, the GPEC has fostered a reputation for excellence in its domain.
In addition to its immediate focus on cybersecurity and 5G applications, the collaborative effort between Startup Island Taiwan and GPEC is poised to extend into other vital sectors including green energy, information and communications technologies, semiconductors, life sciences, medical care, aviation, artificial intelligence, autonomous systems, and advanced manufacturing, as stated by the NDC.
Addressing the significance of this partnership, Minister Kung underscored Taiwan’s prowess in research and development as well as its strong affiliations with tech hubs such as Silicon Valley and Boston. Kung expressed confidence that the collaboration with GPEC will enable Taiwanese startups to establish a robust presence in the Greater Phoenix region.
U.S. Senator Mark Kelly emphasized the timely nature of the cooperation, noting the alignment of values and mutual benefits underpinning the economic ties between the U.S. and Taiwan. Kelly anticipated that the MOU would pave the way for an even stronger economic partnership.
Chris Camacho, President and CEO of GPEC, echoed this sentiment, expressing his belief that the closely knit U.S.-Taiwan business relations will foster innovation, creativity, and diversified exchanges, ultimately driving economic growth in both Taiwan and Arizona.
Notably, in Phoenix, Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, is investing a substantial US$40 billion to establish advanced wafer plants. This initiative comes in response to calls from the U.S. for local microchip production, securing the supply chain for American consumers and TSMC’s U.S. clientele.
U.S. Senator Mark Kelly’s strong support for a resilient semiconductor supply chain led to the introduction and enactment of the CHIP and Science Act, which provides subsidies for semiconductor investments and was signed into law by President Joe Biden last summer.
Amid these dynamic developments, the MOU between Startup Island Taiwan and GPEC emerges as a beacon of bilateral cooperation, poised to drive innovation, economic growth, and mutual prosperity for Taiwan and the United States.