ARIZONA, NEW MEXICO: The deals are to strengthen bilateral cooperation in the semiconductor industry, as well as the information and communications industry The Ministry of Economic Affairs yesterday signed memorandums of understanding (MOU) to deepen bilateral trade cooperation with Arizona and New Mexico during a virtual ceremony at the opening of the 10th US Business Day in Taipei. The annual event is hosted by the ministry and the Taiwan External Trade Development Council (TAITRA, 外貿協會), with this year’s being held at the Taipei International Convention Center yesterday and today. Taiwan-US business cooperation and partnerships are at their best right now, TAITRA said in a statement. Photo: Lin Jin-hua, Taipei Times Seminars and symposiums are being held at the event under the Taiwan-US Trade Forum, a platform designed for Taiwan to create new trade strategies for US markets and for the US to promote information regarding business opportunities from infrastructure projects in US states, TAITRA said. Cynthia Kiang (江文若), director-general of the ministry’s Bureau of Foreign Trade, and Brent Omdahl, the commercial section chief of the American Institute in Taiwan, attended the opening ceremony, as did US Department of Commerce Acting Deputy Assistant Secretary for Asia Richard Steffens via videoconference. Kiang signed MOUs with the Arizona Commerce Authority and the New Mexico Economic Development Department to deepen bilateral economic and trade cooperation in the semiconductor and information communication technology industries. Despite the enormous economic damage caused by the COVID-19 pandemic over the past year, trade ties between Taiwan and the US remained tight, Kiang said. The resilience is shown by the data, with Taiwan-US trade exceeding US$83 billion last year, while both countries have increased bilateral investment, she said. For instance, US tech companies such as Alphabet Inc’s Google and Microsoft Corp have increased investments in Taiwan, while contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電) and electronics contract manufacturer Hon Hai Precision Industry Co (鴻海精密) have expanded their investments in the US, Kiang said. TAITRA Chairman James Huang (黃志芳) said that this year’s forum is focused on topics related to 5G, clean energy, supply chains and electric vehicles, with the aim of improving business and trade ties between the two countries. In the hours after the event started yesterday morning, more than 20 US-based buyers had specified purchasing needs for products including information communication devices, machinery, metal fasteners, auto parts and components, and bicycle parts, TAITRA said.