State of Florida Department of Economic Opportunity
01/24/2025 | Press release | Distributed by Public on 01/24/2025 14:03
State of Florida Signs Memorandum of Understanding with Taiwan to Strengthen and Expand Semiconductor Manufacturing Industry
Florida is already #5 in the US for semiconductor manufacturing jobs and #3 in the nation for semiconductor establishments. These partnerships will help Florida continue to grow its semiconductor industry.
MIAMI, Fla. - The Florida Department of Commerce Secretary J. Alex Kelly and Taiwan International Trade Administration Director General Cynthia Kiang signed a Memorandum of Understanding (MOU) to facilitate two-way trade and investment expansion and industrial cooperation between Florida and Taiwan, focusing on the semiconductor manufacturing industry. This MOU comes after Governor DeSantis's International Trade Mission to Italy in November and to Japan, South Korea, Israel, and the United Kingdom in April 2023, during which the Governor signed multiple agreements with international companies to enhance new and existing business opportunities in Florida.
Florida Commerce seeks to identify partnerships that ease the burden of the Biden Administration inflation on Floridians.
The price of cars has risen dramatically over the last four years, highlighting the increased demand for crucial vehicle parts like semiconductors for modern automotive manufacturing.
As the 16th largest economy in the world, Florida's continuously elevating economy has boasted the #1 ranking for new business formations with more than 3.3 million new businesses formed since 2019, a AAA credit rating, the #1 postsecondary system, and the #3 K-12 education system for student achievement.
"Taiwan and Florida established a sister state relationship in 1992 and have enjoyed a long friendship since, including numerous sister city relationships and more recently Florida reemergence in the semiconductor sector. Accordingly, the signing of the Taiwan-Florida MOU is a building on that history and beginning a new phase to this important partnership," said Florida Secretary of Commerce J. Alex Kelly. "This partnership is truly special for the State of Florida too, such formal partnerships are unique and are reserved for those truly special relationships that recognize a unique bond between Florida and a sovereign."
In 2022, the total bilateral merchandise trade between Florida and Taiwan was $1.3 billion, making Taiwan Florida's 4th largest bilateral merchandise trading partner in the Asia-Pacific region and 35th largest partner overall. Taiwan is one of Florida's most significant economic partners. In 2022, Taiwan imported a total of $220 million from Florida, making it the state's 53rd largest export market. Taiwanese affiliates are estimated to hold over $107 million in Florida, with more than 25 companies operating in the state and employing over 400 people.
"This MOU aligns with the broader goals of the U.S.-Taiwan Technology, Trade, and Investment Collaboration (TTIC) Framework," said Director General Cynthia Kiang. "It symbolizes a shared vision for closer economic and trade cooperation and reflects our mutual dedication to building a resilient and innovative global economy."
The MOU aims to enhance two-way trade, investment expansion and industrial cooperation between the two economic superpowers. It identifies priority areas for collaboration, which include:
- Semiconductor Manufacturing
- General Advanced Manufacturing
- Aviation/Aerospace Manufacturing and Military/Defense Technology
- Marine Industry Manufacturing and Marine Technology
- Life Sciences, MedTech, Medical Manufacturing
- Agricultural Technology (AgTech)
- Logistics, Supply Chain, and Distribution Technology
- Sustainability/Resiliency/Clean Technology (SusTech/CleanTech)
To read the full MOU, click here.