President Tsai meets delegation from U.S.-Taiwan Business Council

On the morning of January 23, President Tsai Ing-wen met with a delegation from the U.S.-Taiwan Business Council (USTBC). In remarks, President Tsai welcomed the U.S. House Committee on Ways and Means’ approval of legislation that included the US-Taiwan Expedited Double-Tax Relief Act. President Tsai looks forward to resolving the double taxation issue between Taiwan and the United States, which will encourage bilateral investment and create even more business niches. The president also pointed out that she is pleased to see the United States strengthening cooperation with regional countries through the Indo-Pacific Economic Framework. The president said that Taiwan will continue to express its willingness to play a role in this initiative, work to advance regional and global economic and trade development, and bring further prosperity and progress to the Indo-Pacific.

A translation of President Tsai’s remarks follows:

I am delighted to meet with Krach Institute for Tech Diplomacy Chairman Keith Krach and USTBC President Rupert Hammond-Chambers once again today. This is the second time in the past six months that Chairman Krach has led a delegation to Taiwan to promote Taiwan-US cooperation and exchange. On behalf of the people of Taiwan, I extend my sincerest welcome to all of you.

Our guests from the USTBC are leaders in areas such as energy, finance, national defense, and high-tech. Visiting so soon after Taiwan’s presidential election demonstrates the importance you attach to the Taiwanese market, and I want to thank you all for that.

In recent years, Taiwan has remained strong and resilient due to the united efforts of its people and the government’s endeavors to promote infrastructure initiatives. Despite the impact of the pandemic and geopolitical developments on the international economic and trade environment, Taiwan continues to be internationally competitive and maintain the stability of global supply chains.

As we engage with the world, Taiwan and the United States continue to deepen bilateral relations through various means. Taiwan is the United States’ eighth-largest trading partner. Last year, we signed the first agreement under the Taiwan-US Initiative on 21st-Century Trade. This represented a new milestone for Taiwan-US economic and trade relations.

Right now, we are working hard to resolve the double taxation issue between Taiwan and the United States. Addressing this will encourage investment on both sides and create even more business niches, deepening partnerships in crucial supply chains. A few days ago, the U.S. House Committee on Ways and Means approved a package of legislation that included the US-Taiwan Expedited Double-Tax Relief Act. We welcome this development.

I also want to take this opportunity to thank the U.S. government for repeatedly underscoring the importance of peace and stability across the Taiwan Strait for the global economy. Moving forward, Taiwan will bolster cooperation with the United States on economic and security issues. We have been pleased to see the United States strengthening collaboration with regional countries through the Indo-Pacific Economic Framework. Taiwan will continue to express its willingness to participate in this initiative. We hope that the USTBC can support Taiwan’s participation, allowing us to work together to advance regional and global economic and trade development.

In closing, I want to welcome you all once again. We look forward to working with you to allow the Taiwan-US economic and trade partnership to achieve new milestones. Let us join together to bring even more prosperity and progress to the Indo-Pacific.

Chairman Krach then delivered remarks, expressing that it is a great pleasure to be back in Taiwan, having last visited with a delegation in August of 2023. Chairman Krach stated that he is in attendance on behalf of the USTBC and the Krach Institute for Tech Diplomacy at Purdue to support economic ties between the U.S. and Taiwan.

On behalf of the USTBC and the Krach Institute, Chairman Krach thanked President Tsai for the great hospitality that Taiwan has extended. The chairman then remarked that the timing of this visit couldn’t be more perfect. Not long ago, he went on, Taiwan’s citizens stood firmly behind their democracy and sent a clear message to the rest of the world that their freedom is here to stay.

Chairman Krach also congratulated President-elect Lai [Ching-te], Vice President-elect Bi-khim Hsiao, and all the legislature members. He said their election represents the people’s will, and the people voted for continuity regarding Taiwan’s strong relations with the United States. Chairman Krach said that he had no doubt the momentum between the U.S. and Taiwan would keep growing and our friendship would soar to new heights. He went on to thank President Tsai for allowing this development to happen.

The chairman indicated that during his visit in August of 2023, he was honored to present President Tsai with the Krach Institute Tech Freedom Award in recognition of her tireless advocacy for Taiwan as a force for good. Chairman Krach believes that President Tsai’s visionary and courageous leadership strengthens the bond between the U.S. and Taiwan.

During last year’s visit, the chairman noted that he and President Tsai discussed the Global Tech Security Commission, which comprises 15 nations, of which Taiwan is a member. The Commission’s charter, he explained, is to develop and operationalize global tech security strategy. One of the president’s recommendations, the chairman mentioned, was to create the Taiwan Center for Innovation and Prosperity (TCIP). The chairman explained that the TCIP began formulation in 2020 and has three objectives: to drive Taiwan’s economic prosperity, accelerate innovation and digital transformation shared by the U.S. and Taiwan, and enhance Taiwan’s international standing. The chairman said the TCIP is partnering with Taiwan’s leading companies and innovators to provide access to world-class talent and a rich investment ecosystem.

Chairman Krach said that to enhance Taiwan’s international standing further, the U.S. is also promoting the growth of the Global Trusted Tech Network, a coalition of like-minded partners working together to advance freedom through innovation. As President Tsai remarked, the chairman noted, Taiwan has a global impact.

Chairman Krach went on to share that he believes trust is paramount. He said that one does business with people they trust, partners with people they trust, and loves the people they trust. When we think about Taiwan, he said, we think about trust.

Chairman Krach once again congratulated President Tsai on her historic tenure and on the success of Taiwan’s elections. The chairman dearly appreciates the friendship between the U.S. and Taiwan.