A visiting US trade official on Friday said small enterprises in the US and Taiwan should work together to create joint ventures and mentor-protege programs to leverage digital trade in overseas markets.
US Small Business Administration Office of International Trade deputy associate administrator Eugene Cornelius said in an interview that he had discussed the possibility of cooperation with Taiwan and received a lot of support for the idea.
Cornelius, who is on an eight-day visit to Taiwan that started on Nov. 11, said his talks with “accelerators,” policymakers and people in the economic development sector in Taiwan have revolved around three pillars.
The first is creating an innovation ecosystem that “allows for small and medium-sized enterprises [SME] to be a creative part of an economy,” Cornelius said.
The second is to making the ecosystem “inclusive,” he said.
Citing the fast growth of SMEs led by women, Cornelius said that there should be “no unconscious biases and things that may prohibit or present a burden to women entrepreneurs coming into the high-tech, high-growth innovative economy.”
The third pillar is leveraging digital trade to make sure that small businesses are effective in the global economy, he said.
“When small enterprises export, they tend to have higher wages, create more jobs and have more effects on our GDP. They will increase quality of lives and they will contribute more to our community,” Cornelius said.
He said he had discussed how the US and Taiwan can collaborate with each other based on their respective strengths in elements of the three pillars.
One of the things that gained traction very quickly in the discussions “was the strength of hardware here in Taiwan and the strength of software in the US,” he said.
The talks yielded possibilities to collaborate to “create joint ventures and mentor proteges, and joint-venture agreements and the like” through small businesses forums and round-table discussions, Cornelius said.
Talks also focused on how the “three pillars” could support the Cabinet’s “five plus two” industrial development program and the New Southbound Policy, he said.
“We believe that Taiwan can be a hub for international trade, particularly going toward the Southeast Asia market,” Cornelius said.
He praised Taiwan for its development of a skilled workforce, innovation, infrastructure and technology, and the quality of university education.
Given that innovation is becoming the core of the economy, if Taiwan could stop its brain drain, the digital economy would present Taiwan with a golden opportunity for its entrepreneurs and for economic growth, Cornelius said.
Asked how he would advertise Taiwan to small businesses in the US, Cornelius said “there is a wealth of knowledge here, the infrastructure is very supportive of doing business here and there is logistically a location advantage.”
If US-based small businesses seek to expand their trade to the Southeast and South Asian markets, “they can look at Taiwan as a place to start,” Cornelius added.
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