Benefiting from a significant semiconductor investment in North Phoenix, Arizona and Taiwan business prospects have committed to greater collaboration on industrial issues including the development of the semiconductor, medical device and advanced manufacturing sectors.
The Taiwan-US Industrial Cooperation Office signed a letter of intent with the Greater Phoenix Economic Council on August 24, pledging to promote a closer partnership. It follows the planned $ 12 billion facility in northern Phoenix, which is operated by industrial company Taiwan Semiconductor Manufacturing Co.
It is the first ever memorandum of understanding with a nation for GPEC, a nonprofit economic development organization seeking to attract and grow businesses in Maricopa County and the surrounding areas.
The agreement does not set out any specific future projects or actions, but emphasizes working together to develop next generation products to stimulate investment and attract companies in related industries to join.
The agreement comes about because the metropolis of Phoenix received a relatively high ranking, ninth nationwide, for employment in the technology industry. SmartAsset’s study confirmed that the Phoenix metropolitan area has a relatively high percentage of tech jobs, even though the average tech salaries here are comparatively low and the cost of living is quite high.
Chris Camacho, President and CEO of GPEC, said the new agreement with Taiwan will serve as a “stepping stone to a successful binational partnership”.
“As partners, Greater Phoenix and Taiwan share common economic goals with a legacy based on similar industries,” Camacho said in a prepared statement. “This signing represents the coming together of a shared vision to form a strategic alliance based on collaboration and innovation and together we will bring opportunity and economic success to both regions.”
The value of semiconductors, the tiny brains found in devices and machines from cell phones to automobiles, will rise from $ 440 billion in 2020 to around $ 589 billion by 2025, according to estimates by the industry group World Semiconductor Trade Statistics. Dollar rise.
A recent shortage in semiconductors that has put automakers and various other manufacturers in trouble underscores the importance of chips to the global economy.
By working together, Taiwan and Arizona hope to gain more market share and shape the landscape for this critical industry.
Reach the reporter at russ.wiles@arizonarepublic.com.
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