Kung Ming-hsin, secretary-general of the Executive Yuan, led a Taiwanese delegation on May 11 (Eastern Daylight Time) to attend a SelectUSA Investment Summit welcoming reception organized by the Taipei Economic and Cultural Representative Office in the United States. At the reception, Secretary-General Kung stated that Taiwan has become the U.S.'s seventh largest trading partner, with bilateral trade reaching US$157.9 billion, marking a 34% increase compared to the previous year. Not only have Taiwanese exports to the U.S. increased, he said, but U.S. exports to Taiwan have also seen double-digit growth, demonstrating that the Taiwan-U.S. relationship has grown closer.
Secretary-General Kung pointed out that, in addition to bilateral trade, Taiwan's investment in the U.S. also continues to grow. In 2024, Taiwan's overseas investment in the U.S. grew by 45% to reach US$14.126 billion. To date, Taiwanese companies have invested over US$100 billion in the U.S., creating more than 400,000 job opportunities. Notably, Taiwan Semiconductor Manufacturing Company's (TSMC's) investment in the U.S. state of Arizona is not only the largest single foreign direct investment project in U.S. history, but also instrumental to developing the semiconductor supply chain in the U.S. To foster a more diversified trade relationship, Taiwan's government will also expand its procurement of U.S. agricultural products, energy and defense equipment.
Secretary-General Kung further urged the U.S. Senate to expedite the passage of an avoidance of double taxation agreement (ADTA) between Taiwan and the U.S., which would help create a more favorable investment environment for businesses. He also highlighted the potential for Taiwan and the U.S. to collaborate on research and development in fields such as advanced semiconductors, artificial intelligence and quantum computing.