In the latest episode of “Talking Trade,” Director General Dennis Yen-Feng Lei of the Taipei Economic and Cultural Office in Chicago discusses U.S.-Taiwan trade relations.
Lei focuses on trade relationships between Taiwan and Midwest states in particular, noting the country recently signed economic agreements with leaders in Michigan and Indiana, as well as educational memorandums of understanding with Ohio, Indiana, Michigan and Minnesota.
“We have a very promising future, our office is trying to increase more Taiwanese companies here, and also ask more American companies to invest in Taiwan,” he said.
Bilateral trade between the United States and Taiwan reached $135.6 billion in 2022, marking an annual increase of 19%, according to figures provided by the Lei’s office in Chicago. Meanwhile, U.S. imports of integrated circuits from Taiwan increased by 50.6% in 2022, for an increase of $2.7 billion.
Taiwan is the 9th largest trading partner for the U.S., and the 8th largest source of imports to the United States, Lei noted.
The interview was recorded before the recent elections in Taiwan, in which Democratic Progressive Party presidential candidate and current Vice President Lai Ching-te was chosen to lead the country.