October 15th, 2013
Los Angeles and Taiwan Strengthen Competitiveness with Economic Agreement
21st Century Economic And Innovation Partnership Announced Between Taiwan External Trade Development Council (TAITRA) And Los Angeles County Economic Development Corporation (LAEDC)
Los Angeles County and Taiwan – The Los Angeles County Economic Development Corporation (LAEDC), the region’s premier business leadership organization responsible for attracting, retaining and growing business and jobs for Los Angeles County, World Trade Center Los Angeles-Long Beach (WTC LA-LB) and the Taiwan External Trade Development Council (TAITRA) , representing leading companies in Taiwan, signed the 21st Century Economic and Innovation Partnership, the first region-to-region memorandum of understanding (MOU) of its kind, on Tuesday, October 15th. The objective of the agreement is to strengthen the global competitiveness of both regions by increasing economic cooperation in several key areas, including biotechnology, “green technology”, medical devices, information and communication technology, digital media, gourmet and transportation logistics.
With the backing of prominent businesses in their respective regions and local government support, both organizations advocated strong economic development, vibrant business environments and better qualities of life for community members. LA County is the 21st largest economy in the world with GDP of $572 billion, larger than Sweden, Norway, Poland and Belgium. The two economies share similar pillar industries such as manufacturing, technology, digital media entertainment and trade. The MOU acknowledged both regions serve as gateways to the economies of their respective countries while citing valuable benefits in shared technology development, corporate growth and capital injection, job creation in an expanding economy, and budding market opportunities through the regions’ planned cooperation and collaboration.
“Today marks the beginning of a closer and stronger partnership between TAITRA, LAEDC and WTC LA-LB,” Peter W.J. Huang, President and CEO of the Taiwan External Trade Development Council. “Together with TAITRA’s sister organization, the Taipei World Trade Center, we are delighted to provide all the necessary assistance to U.S. companies looking to further their trade with Taiwan. It is our hope to keep on developing closer relations and tighter alliances with the Los Angeles.”
“Los Angeles shares a great many economic characteristics with Taiwan,” said Bill Allen, CEO and President of LAEDC. “Both serve as gateways to their region’s economies and are vast contributors to the worldwide marketplace. In the 21st Century economy, both Taiwan and Los Angeles County are making investments to extend their positions as leaders in trade, technology, job creation, and innovation. I am thrilled to align LAEDC and our World Trade Center with TAITRA in a new and exciting joint effort to promote investment and market opportunities in our region.”
ABOUT THE WTC LA-LB
The World Trade Center Los Angeles – Long Beach (WTC LA-LB) works to support the development of international trade and business opportunities for Southern California companies as the leading international trade association, trade service organization and trade resource in Los Angeles County. It also promotes the Los Angeles region as a destination for foreign investment. The World Trade Center Los Angeles – Long Beach is a subsidiary of the Los Angeles County Economic Development Corporation.
ABOUT THE LAEDC
The Los Angeles County Economic Development Corporation (LAEDC) is a private, non-profit organization established in 1981. The LAEDC provides collaborative, innovative and strategic economic development leadership throughout Southern California. Our mission is quite simply to attract, retain, and grow business and jobs for the regions of Los Angeles County. The LAEDC helps many overseas investors and international businesses enter the U.S. market via Los Angeles County, providing assistance for them to establish and grow headquarters and manufacturing operations in the County.
Founded in 1970 to help promote foreign trade, the Taiwan External Trade Development Council (TAITRA) is the foremost non-profit trade promotion organization in Taiwan. Jointly sponsored by the government, industry associations, and several commercial organizations, TAITRA assists Taiwan businesses and manufacturers with reinforcing their international competitiveness and in coping with the challenges they face in foreign markets.
TAITRA boasts a well-coordinated trade promotion and information network of over 600 trained specialists stationed throughout its Taipei headquarters, four local branch offices in Hsinchu, Taichung, Tainan and Kaohsiung, and over 58 overseas branch offices worldwide. Together with its sister organizations, Taipei World Trade Center (TWTC), TAITRA has created a wealth of trade opportunities through effective promotion strategies.