The Ministry of Economic Affairs yesterday signed letters of intent with the US state of Wisconsin and Orion Energy Systems Inc for possible investments in Taiwan’s biotechnology and green energy sectors.
Both parties expressed an interest in investing in Taiwan after the nation signed the Economic Cooperation Framework Agreement (ECFA) with China last year as they believe Taiwan could be a springboard to markets such as China and Southeast Asia.
Wisconsin Economic Development Corp (WEDC) chief executive Paul Jadin said there were opportunities to expand businesses and do bilateral investments in the field of biotechnology and green energy.
For instance, the WEDC said it was interested in further biotechnology collaboration with Taiwan Sugar Corp (台糖) by importing its cosmetic products into the US.
The ministry said Taiwan and Wisconsin — the 18th-largest state in the US — have long enjoyed a rapport on agricultural trade and Taiwan signed a letter of intent earlier this month to purchase US$5.6 billion of agricultural products, such as beans and corn, from the midwestern state.
Jadin yesterday signed the letter of intent on behalf of Wisconsin Governor Scott Walter. He led a delegation to Taiwan on Wednesday night at the invitation of the ministry.
Meanwhile, Orion Energy Systems, a Wisconsin-based manufacturer of energy-efficient lighting systems and solar light pipes, is also exploring the solar energy sector in Taiwan.
Orion vice president Kevin Crawford said it is the first time the company plans to invest in Taiwan and that the firm would announce more concrete plans after studies and building relationships with local firms.
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