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Delegates promote opportunities for firms in Louisiana

A delegation of officials from the Louisiana Economic Development Department urged Taiwanese companies to invest in Louisiana yesterday. They said there are great business opportunities in rebuilding the battered US state that was hit hard by both Hurricane Katrina and Hurricane Rita in 2005.

The delegation, led by assistant secretary Donald Pierson, arrived in Taipei on Sunday and has met with companies and associations, briefing them on investment opportunities in the southern state. The group will travel to meet with companies in Kaohsiung tomorrow.

"The state of Louisiana and Taiwan have a long and productive relationship," Pierson said at a media event in Taipei yesterday.

Of approximately US$56 billion in bilateral trade between the US and Taiwan last year, 12 percent was contributed by Louisiana, Pierson said.

Formosa Plastics Group (台塑集團), for example, is one major Taiwanese company with investments in Louisiana, he said.

He suggested that Taiwanese companies form joint-ventures with local Louisiana partners in various industries, including oil refining, construction, tourism, logistics and agriculture.

Incentives provided to investors in the Louisiana Gulf Opportunity Zone -- where Katrina and Rita hit -- include 50 percent of bonus depreciation in the first year of the investment, tax-exempt bond financing and net operating loss carryback.

Taiwan's government is currently mulling whether to provide financial assistance for local companies interested in investing in Louisiana to capitalize on the business opportunity.
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