Virginia Governor Glenn Youngkin signed an executive order during his recent visit to Taiwan, establishing Virginia’s first economic development office in Taipei. This move is expected to further strengthen the already robust economic and trade relations between Virginia and Taiwan.
According to reports from Governor Youngkin’s official website, Virginia’s exports to Taiwan increased by 27% in 2022 compared to 2020, while the state imports over $1 billion worth of goods from Taiwan every year. The establishment of the economic development office in Taipei represents a significant step towards enhancing the commercial and economic relationship between the two regions.
During his meeting with President Tsai, Governor Youngkin emphasized Virginia’s unwavering commitment to promoting collaboration and enhancing ties with Taiwan. The Taipei office will be Virginia’s fourth international trade office, following the ones in Germany, South Korea, and Japan.
President Tsai welcomed the decision to open a trade office in Taiwan, noting that Taiwan was Virginia’s fifth-largest source of imports in Asia and fourth-largest export market in 2022. She believes that the trade office will significantly boost bilateral trade and economic relations between the two regions.
Virginia and Taiwan share commonalities, including the creativity, competence, and tenacity of their people. They are also close economic and trade partners, with the Port of Virginia serving as Virginia’s economic powerhouse. The establishment of the new trade office is expected to increase the volume of goods moving in and out of the state, benefiting both Virginia and Taiwan.
The Taipei office will serve as a bridge between Virginia and Taiwan, providing a platform for businesses to connect and explore opportunities for trade and investment. It will also showcase Virginia as an attractive destination for Taiwanese firms seeking to expand their operations in the United States.
During my first international trade mission, I signed an executive order establishing a Virginia-Taiwan trade office.
— Governor Glenn Youngkin (@GovernorVA) April 24, 2023
This is Virginia's fourth international trade office & represents our enduring commitment to foster collaboration in this region & enhance our ties with Taiwan. pic.twitter.com/rhD342i6Xi
