The State of Florida has entered into a Memorandum of Understanding (MOU) with Taiwan to enhance cooperation in the semiconductor manufacturing industry. The agreement was signed by Florida Department of Commerce Secretary J. Alex Kelly and Taiwan International Trade Administration Director General Cynthia Kiang. This MOU aims to expand trade, investment, and industrial collaboration between Florida and Taiwan.
The signing follows Governor DeSantis's international trade missions to several countries, where he secured agreements to boost business opportunities in Florida. The state ranks fifth in the U.S. for semiconductor manufacturing jobs and third for semiconductor establishments.
Florida Commerce is actively seeking partnerships to mitigate inflation impacts on Floridians, particularly as vehicle prices have surged due to increased demand for semiconductors used in automotive manufacturing.
Florida's economy ranks as the 16th largest globally, leading in new business formations with over 3.3 million since 2019. It holds a AAA credit rating and top rankings in education systems.
"Taiwan and Florida established a sister state relationship in 1992," said Secretary Kelly. "This partnership is truly special for the State of Florida too."
In 2022, bilateral merchandise trade between Florida and Taiwan reached $1.3 billion, making Taiwan a significant economic partner for the state. Taiwanese affiliates hold substantial investments in Florida, employing over 400 people across more than 25 companies.
"This MOU aligns with the broader goals of the U.S.-Taiwan Technology, Trade, and Investment Collaboration (TTIC) Framework," stated Director General Kiang.
The MOU outlines priority areas such as semiconductor manufacturing, advanced manufacturing, aerospace technology, marine technology, life sciences, agricultural technology, logistics technology, and clean technology. Both parties will engage in activities like sharing business information and arranging business briefings to strengthen their economic partnership.