Taiwan, Arizona strengthen strategic sector partnerships

2021/08/26

A memorandum of understanding on strengthening strategic sector partnerships was signed Aug. 24 by Taiwan-USA Industrial Cooperation Promotion Office under the Ministry of Economic Affairs and Greater Phoenix Economic Council.
 
Concluded during the virtual Taiwan-Arizona Forum on Industrial Cooperation and Business Opportunities, the memorandum aims to enhance collaboration in key areas such as advanced manufacturing, medical devices and semiconductors.
 
According to the MOEA, the memorandum capitalizes on Taiwan’s world-leading chip manufacturing capacity—accounting for more than one-fifth of the global total—and Arizona’s strong high-tech presence and innovative ecosystem.
 
The memorandum also paves the way for Taiwan and Arizona to create a stable platform for developing microelectronic products, encouraging related industries to join forces and matching strategic partners, the ministry said.
 
Given Taiwan Semiconductor Manufacturing Co. Ltd.’s recent commitment to construct a US$12 billion fab in Arizona, the MOEA said, realization of the memorandum could not come at a more opportune moment. TSMC is the world’s largest chipmaker headquartered in northern Taiwan’s Hsinchu City.
 
Citing World Semiconductor Trade Statistics estimates, the MOEA said the global semiconductor market is forecast to grow to US$589 billion in 2025, up 34 percent from 2020. Combining Taiwan’s and Arizona’s leading-edge manufacturing prowess, the two sides can expect to capture a significant portion of the market and shape the future industrial landscape, the ministry added.
 
In response, GPEC said Taiwan and Arizona share common business goals based on a firm foundation of similar industries and Taipei-Phoenix sister city relations dating back more than 40 years. By establishing a strategic alliance characterized by cooperation and innovation, the memorandum is anticipated as promoting and delivering economic progress for both sides, the council added.


Source: Taiwan Today (https://taiwantoday.tw/index.php)