Established in 2018 in Washington, D.C., the Taiwanese-American Chamber of Commerce (TACC) is an international organization through which businesses, executives, tradespeople, community leaders and non-profits can come together in order to foster and support commercial relationships between Taiwan and the United States with hopes of enhancing and facilitating robust trade and strong economic ties.
Through their work with the Taiwan Civil Government (TCG), Neil Hare and a TCG delegation traveled to Zurich to participate in the World Web Forum and the Global Talent Summit. Following several working meetings at both events, along with a memorable meeting with the CEO of the Swiss American Chamber of Commerce, Hare and Hymes agreed there was widespread interest in helping to foster greater business ties with Taiwan. They seized the opportunity to gather the many business leaders who were already active within the TCG and develop a mutually beneficial organization. This marked the conceptual beginning of TACC.
Taiwan boasts a huge economy for a small island nation of only 25 million people and represents the United States’ ninth largest trading partner and its seventh largest agricultural export partner. Taiwan is the 11th largest economy in the world. According to the U.S. Department of Commerce, U.S. exports of both goods and services to Taiwan supported an estimated 208,000 U.S. jobs in 2015.
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Taiwan excels in electronics, technology, aviation technology, and medical devices. As an example, 36 Taiwanese companies contributed to the manufacturing of the iPhone 8. In 2016, trade with Taiwan represented over $65 billion for the US in two-way trade. The U.S. foreign direct investment (FDI) in Taiwan in 2016 was $16.2 billion, while Taiwan’s FDI in the U.S., referring to stock holdings, was $7.2 billion. Billions of dollars in both the U.S. and Taiwan are attributed annually to firms with majority ownership held in the alternate nation.
Building on the traditional ideals of Chambers of Commerce, TACC offers a mutually beneficial membership opportunity for both Taiwanese and American businesses alike. Built on three primary pillars, the TACC offers members a resource for economic development; an influential voice with legislative decision makers; and regular networking opportunities to come together, meet and communicate with potential business prospects, share ideas and learn. In addition to the three pillars, TACC is committed to timely communication with its members. These efforts support both the pillars and the mission at the base of the organization. Communication via email, social media, video streaming, live events and more provides timely information on issues affecting our members – topics such as market intelligence for both countries, legislative updates, business development opportunities, strategy, collaboration and more.
The United States and Taiwan are already successful business and trade allies. TACC furthers this relationship and provides a combined voice, resource and outlet for member businesses – providing strength, continued education and encouraging financial success.