GPEC forges partnership to encourage Taiwanese investment

The Greater Phoenix Economic Council (GPEC) formalized a partnership with Taiwan's national startup organization early Thursday morning.

• GPEC and Startup Island TAIWAN will pursue joint business missions and help Tainwanese startups participate in Phoenix-area accelerator programs, according to a press release.

Driving the news: GPEC president and CEO Chris Camacho signed the memorandum of understanding during an event in Taipei Thursday morning.

• Camacho and U.S. Sen. Mark Kelly are there meeting with officials and business leaders about expansion opportunities in Arizona, according to GPEC.

Why it matters: Arizona and Taiwan have a burgeoning economic relationship, mainly due to Taiwan Semiconductor Manufacturing Co.'s decision to invest $40 billion in two chips factories in North Phoenix.

• The new partnership aims to bring more Taiwanese investment in semiconductors and sectors including health care, cybersecurity and space.

What they're saying: "This partnership will open new doors for Taiwanese and American entrepreneurs and existing companies seeking expansion," Camacho said.