Virginia opens trade office in Taiwan

(The Center Square) — Virginia opened a trade office in Taipei, the capital city of Taiwan, today, adding to its overseas economic development offices in Germany, Japan and South Korea, according to Gov. Glenn Youngkin’s office.

In April, Youngkin signed Executive Order 25 to establish the Virginia-Taiwan Trade Office, noting that “the United States is Taiwan’s second largest trading partner” and “Virginia’s relationship with Taiwan is a meaningful driver of the national partnership, with recent growth in annual product exports significantly outpacing that of the broader nation.”

“Taiwan represents a significant market for foreign direct investment and international trade and the new Virginia-Taiwan Trade Office will strategically position the commonwealth for economic development opportunities,” Youngkin said.

The governor completed his first international trade mission in April and, while there, signed a Memorandum of understanding with Taiwan’s Ministry of Economic Affairs, committing to a continued partnership in economic development and trade.

While Taiwan isn’t among the top countries for foreign direct investment in the U.S., it is fourth among nations whose FDI in the U.S. is growing most rapidly, after Austria, New Zealand and Finland.

“Virginia exported $730 million in products to Taiwan in 2022 and imported $1 billion in goods from Taiwan,” according to the press release from the governor’s office.

The new office will help facilitate Taiwanese investments in Virginia’s economy and continued and expanding trade opportunities.

“International trade and foreign direct investment have a major economic impact on every region of the commonwealth, and the Virginia-Taiwan Trade Office will position the commonwealth to be even more competitive in a global economy,” said Jason El Koubi, president of the Virginia Economic Development Partnership.

“VEDP looks forward to working with Taiwanese business and stakeholders to promote Virginia as a prime business location and trade partner.”