Los Angeles County First Time Lead a Trade Mission to Taiwan—Further Strengthen the Bilateral Investment and Trade Relationship between Taiwan and Los Angeles
The Los Angeles County Economic Development Corporation (LAEDC) led a 9-person delegation group to Taiwan during October 13th to 16th. This is the first time for LAEDC organizing a trade mission to Taiwan. The delegation led by Bill Allen, CEO and President of LAEDC, met with several officials or representative from the Bureau of Foreign Trade, Taiwan-USA Industrial Cooperation Promotion Office and Industrial Technology Research Institute of Taiwan to discuss further cooperation opportunities between Los Angeles and Taiwan during their stay in Taiwan. The delegation also visited several Taiwanese companies which are interested in setting up their operations or subsidiary in Los Angeles, and held a “Taiwan-Los Angeles Investment and Trade Conference” on October 15th in order to attract Taiwanese companies doing business with Los Angeles.
Representatives from LAEDC, World Trade Center Los Angeles-Long Beach, University of Southern California, PWC Accounting Firm and Mitchell Silberberg & Knupp (MSK) Law Firm introduced the investment environment and regulations in Los Angeles in the conference. More than 60 Taiwanese companies participated in the event.
LAEDC also signed the memorandum of understanding (MOU)-“21st Century Economic and Innovation Partnership” with the Taiwan External Trade Development Council (TAITRA) on October 15th. The object of the MOU is to strengthen the global competitiveness of both regions by increasing economic cooperation. Los Angeles County is the 21st largest economy in the world with GDP of $572 billion. Besides, the Los Angeles Custom District (LACD) is the largest Custom District in the United States and Taiwan is LACD’s 4th largest trading partner. The two economies share similar pillar industries such as manufacturing, technology, digital media entertainment and trade. The MOU acknowledged both regions serve as gateways to the economies of their respective countries while citing valuable benefits in shared technology development, corporate growth and capital injection, job creation in an expanding economy, and budding market opportunities through the regions’ planned cooperation and collaboration.
“Today marks the beginning of a closer and stronger partnership between TAITRA and LAEDC” Peter W.J. Huang, President and CEO of TAITRA, said at the MOU signing ceremony, “Together with TAITRA’s sister organization, the Taipei World Trade Center, we are delighted to provide all the necessary assistance to U.S. companies looking to further their trade with Taiwan. It is our hope to keep on developing closer relations and tighter alliances with the Los Angeles.”
“Los Angeles shares a great many economic characteristics with Taiwan,” said Bill Allen, CEO and President of LAEDC. “Both serve as gateways to their region’s economies and are vast contributors to the worldwide marketplace. In the 21st Century economy, both Taiwan and Los Angeles County are making investments to extend their positions as leaders in trade, technology, job creation, and innovation. I am thrilled to align LAEDC and our World Trade Center with TAITRA in a new and exciting joint effort to promote investment and market opportunities in our region.”
Officials from LAEDC and members of the delegation said that it is a great opportunities to have a face-to-face meeting with Taiwanese investors and overall it was a successful and fruitful trade mission. LAEDC is currently accessing the possibility to form second trade mission to Taiwan in the near future.
