Kung Ming-hsin, Secretary-General of the Executive Yuan, Wraps Up Washington Visit: Promoting the Taiwan-US Economic and Trade Relations and Supply Chain Agreements
Kung Ming-hsin, Secretary-General of the Executive Yuan, concluded his visit at the "SelectUSA Investment Summit" in Washington, D.C. on May 13, 2025. He led the Taiwanese delegation in discussions with U.S. officials, members of Congress, and the business community to promote Taiwan-U.S. economic and trade cooperation. Key areas of focus included establishing a "non-red supply chain" (a supply chain not influenced by China), increasing procurement from the U.S., promoting new investment plans, promoting the passage of an agreement to avoid double taxation, and making progress in tariff negotiations. Kung Ming-hsin witnessed the signing of a memorandum of understanding between the Republic of China International Economic Cooperation Association and the American Chamber of Commerce in Taiwan, deepening private sector economic and trade exchanges.
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Kung Ming-hsin, Secretary-General of the Executive Yuan, Wraps Up Washington Visit: Promoting the Taiwan-US Economic and Trade Relations and Supply Chain Agreements
Kung Ming-hsin, Secretary-General of the Executive Yuan, concluded his visit at the "SelectUSA Investment Summit" in Washington, D.C. on May 13, 2025. He led the Taiwanese delegation in discussions with U.S. officials, members of Congress, and the business community to promote Taiwan-U.S. economic and trade cooperation. Key areas of focus included establishing a "non-red supply chain" (a supply chain not influenced by China), increasing procurement from the U.S., promoting new investment plans, promoting the passage of an agreement to avoid double taxation, and making progress in tariff negotiations. Kung Ming-hsin witnessed the signing of a memorandum of understanding between the Republic of China International Economic Cooperation Association and the American Chamber of Commerce in Taiwan, deepening private sector economic and trade exchanges.
Taiwan Delegation Participates in SelectUSA Summit, Showcasing Investment Intent
Kung Ming-hsin led a delegation of 138 Taiwanese companies and 183 representatives to the SelectUSA Summit, making it one of the largest foreign delegations in history. According to the Executive Yuan, Taiwan has become the United States' seventh-largest trading partner, with bilateral trade reaching $157.9 billion in 2023, a 34% annual increase. Taiwan's investment in the U.S. amounted to $14.126 billion, a 45% annual increase, with cumulative investments exceeding $100 billion, creating over 400,000 jobs.
In the first panel discussion after the summit's opening ceremony, hosted by U.S. Small Business Administration Administrator Kelly Loeffler, participants included representatives from Mercedes-Benz, Siemens, and GlobalWafers from Taiwan, highlighting the significant attention U.S. officials are giving to Taiwanese investments. Kung Ming-hsin noted that several Taiwanese companies have announced new investment plans in the United States, demonstrating a long-term commitment to the American market.
Promoting a "Non-China Supply Chain" to Strengthen Key Industry Cooperation
In meetings with U.S. officials and Congress members, Kung Ming-hsin reiterated Taiwan's willingness to collaborate with the U.S. in building a "non-China supply chain" that does not rely on China, particularly in key industries such as semiconductors, artificial intelligence, and quantum computing. Kung pointed out that since the 2018 U.S.-China trade war, global supply chains have been reorganizing, with Taiwanese businesses gradually shifting from China to Southeast Asia or returning to Taiwan, becoming more resilient post-pandemic. Taiwan can play a crucial role in export controls, preventing illegal transshipment, and addressing economic security issues like country of origin fraud.
Additionally, Kung mentioned Taiwan's technical and manufacturing capabilities in the shipbuilding and defense industries, suggesting potential cooperation if the U.S. has needs. These areas are among the "Five Key Trust Industries" promoted by the Taiwanese government, aiming to deepen bilateral industrial chain cooperation through the integration of technology and mass production experience.
Expanding U.S. Procurement to Promote Trade Balance
Besides investment, Taiwan plans to expand its procurement from the U.S. to promote a balanced bilateral trade. Kung Ming-hsin stated that Taiwan will increase purchases of U.S. agricultural products, energy, and defense equipment, further diversifying the bilateral trade structure. This move not only helps reduce the U.S. trade deficit with Taiwan but also demonstrates Taiwan's sincerity in economic and trade cooperation.
Urging the Passage of the Agreement on the Avoidance of Double Taxation to Create a Friendly Investment Environment
Kung Ming-hsin repeatedly urged the U.S. Senate to promptly pass legislation related to the "Taiwan-U.S. Agreement on the Avoidance of Double Taxation" (ADTA). He noted that the agreement is crucial for reducing corporate tax burdens and enhancing investment willingness, aiding Taiwanese companies in expanding their investments in the U.S. The Executive Yuan stated that the agreement's passage would create a more favorable operating environment for bilateral enterprises, further solidifying Taiwan-U.S. economic and trade relations.
Progress in Tariff Negotiations, U.S. Affirms Taiwan's Proposal
Regarding the recent issue of potential U.S. tariffs on semiconductor products, Kung Ming-hsin stated that the Taiwanese government attaches great importance and has been in continuous communication with the U.S. U.S. Treasury Secretary Scott Bessent recently remarked at a forum in Saudi Arabia that Taiwan made a "very good proposal" in tariff negotiations and emphasized smooth progress in negotiations with Asian partners. Kung hopes that Taiwan-U.S. tariff negotiations will yield positive results, ensuring the competitiveness and investment willingness of Taiwanese companies in the U.S. market remain unaffected.
Signing a Memorandum of Understanding to Deepen Private Economic and Trade Exchanges
During his visit to Washington, D.C., Kung Ming-hsin also witnessed the signing of a Memorandum of Understanding (MOU) between the Republic of China International Economic Cooperation Association (CIECA) and the US-Taiwan Business Council. The two parties will focus on promoting Taiwan-U.S. trade, investment, and third-country market cooperation, further strengthening private economic and trade exchanges. President of the US-Taiwan Business Council, Rupert Hammond-Chambers, stated that Taiwan-U.S. relations have global strategic significance, hoping to promote broader international cooperation opportunities through this cooperation platform.
