Greater Phoenix Economic Council and Taiwan sign economic agreement

Buoyed by a major semiconductor investment in north Phoenix, business interests representing Arizona and Taiwan have pledged greater cooperation on industrial issues including development of the semiconductor, medical device and advanced-manufacturing sectors.

The Taiwan-USA Industrial Cooperation Promotion Office on Aug. 24 signed a memorandum of understanding with the Greater Phoenix Economic Council, pledging to foster a closer partnership. It follows the planned $12 billion factory in north Phoenix announced by industry powerhouse Taiwan Semiconductor Manufacturing Co.

It’s the first memorandum of understanding with any nation for GPEC, a nonprofit economic development organization that seeks to attract and grow businesses in Maricopa County and nearby areas.

The agreement doesn’t spell out any specific future projects or actions but stresses cooperation in developing next-generation products, spurring investment and attracting businesses in related industries to join.