1. UK Semiconductor Delegation to Taiwan

The UK Government has purchased a pavilion at 2023 SEMICON event in Taiwan and sponsored a delegation of 19 businesses to showcase the UK’s semiconductor capacity at the event. The businesses will showcase design, software and methods at SEMICON.

The UK published its semiconductor strategy in May which committed £1 billion investment over the next decade in R&D, IP and chip design.

Taiwan is the world’s top semiconductor manufacturing country. Taiwan Semiconductor Manufacturing Company makes microchips for Intel, Apple, AMD, Nvidia, and Qualcomm. South Korea is the second largest producing nation as it makes chips for Samsung.

Taiwan is seeking a trade deal with Europe and Europe finds Taiwan useful as a partner to work with under the European Chips Act, however Taiwan is looking for a bilateral investment agreement which is not forthcoming.

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  1. New currency for BRICS?

Brics Leader’s Family Photo on the side line of the 10th BRICS Summit by Government ZA

The G20 was formed in 1999 and is made up of 19 nations, the European Union and the African Union. Member countries amount to 80% of global GDP. It meets once a year with the goal of at international coordination of economic policy. Narendra Modi at the most recent G20 invited the newest member the African Union to join.

BRIC was formed in 2009 consisting of Brazil Russia India and China. South Africa joined in 2010 and it became ‘BRICS.’ Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have all recently been invited to join.

At the recent BRICS meeting in August in South Africa the Brazilian Prime Minister called for the BRICS currencies to start trading in a currency common to them all instead of the US Dollar which underpins global currency, to reduce the impact of exchange rate fluctuations on trade. Russian sanctions fuelled speculations that non-Western allies would move away from the dollar, as well as the rising cost of debt and interest rates brough about by the war in Ukraine. To shift currency there would need to be established a banking union, a fiscal union and macroeconomic convergence, a disciplining mechanism for countries that don’t comply, and a common central bank. It would have to be decided where these are all located. A Chinese academic recently said the BRICS countries do little trade with each other and have China as their main trading partner.

The US Dollar is on one side of almost 90% of global foreign exchange transactions.

  1. Taiwan mission to Argentina

Credit Government of Taiwan

Taiwan recently hosted a manufacturing delegation to Chile, Brazil and Argentina to meet companies, businesses and government representatives. The 2023 Latin American Sales Development Mission attended a trade fair and met with 55 Argentine buyers including some of Argentina’s largest companies.

There is interest in Taiwan’s semiconductor industry from Argentina, as well as linking business, culture and education sectors. Argentina is Taiwan’s 10th largest source of imports of agricultural products. Taiwan exports information, communications, industrial raw materials and products to Argentina.

This is the first time since the pandemic Taiwan has arranged a delegation to South America.

Since Taiwan became a democracy in 1987 China remains hostile to any formal declaration of independence and maintains its claim over Taiwan.

  1. Japan trade mission: Indiana

    Holcomb-meets-with-Meeting-with-Japanese-Consul-General-Tajima-Hiroshi-by-office-of-gov

The Governor of Indiana Eric Holcomb recently hosted a trade mission to Japan

Japan is Indiana’s largest foreign investor. During the trip the delegation will visit Tochigi Prefecture which has shared sister sate relationship with Illinois for 24 years.

During the visit the Governor will attend the Midwest US-Japan Association Conference, including 10 Midwest state government representatives, eight Japanese prefectures and 100 companies.

More than 300 Japanese companies supporting 44,000 jobs have setup in Indiana including Subaru Corp, Toyota Motor Corp, Honda Motor Co and Hitachi.

According to JETRO (Japan External Trade Organization) in Chicago, Indiana’s state targeted industries are Advanced Manufacturing, Aerospace, Information Technology, Life Sciences and Logistics & Transportation.

Governor Holcomb will speak at Dreamforce in San Francisco on his return journey.

  1. Japan trade mission: Michigan

    Gretchen_Whitmer

The Governor of Michigan Gretchen Whitmer also travelled to Japan recently to discuss investments in automotive and advanced manufacturing and attend the same Midwest US-Japan Association Conference.

The Governor will visit Shiga Prefecture, Michigan’s sister state. There are 487 Japanese companies operating in Michigan which support 38,000 jobs including Toyota, Denso and Yazaki.

According to JETRO (Japan External Trade Organization) in Chicago, Michigan’s state targeted industries are Advanced Manufacturing, Agribusiness, Cybersecurity, Defence and Mobility.

  1. Japan & South Korea: Nebraska

Nebraska Governor Jim Pillen recently travelled to Japan and South Korea aimed at growing trade opportunities.

During the trip the Governor will visit hydrogen facilities, engineering corporations and meet with South Korean and Japanese officials.

According to JETRO (Japan External Trade Organization) in Chicago, Nebraska’s state targeted industries include Agribusiness and Food Processing, Biosciences, Advanced Manufacturing, Renewable Energy and Consulting Services.

Around 35 Japanese companies create 9,500 jobs in Nebraska. Japan is Nebraska’s largest importer of beef, pork, and eggs and second largest export market overall.

  1. Vietnam Australia Investment Forum

Australian & Vietnamese Prime Ministers

Australian Trade and Investment Commission (Austrade) in Vietnam, in collaboration with the Foreign Investment Agency (FIA) hosted an investment forum in Ho Chi Minh recently to encourage bilateral investment between Australia and Vietnam.

The event falls in the year of the 50th anniversary of diplomatic relations between Australia and Vietnam.

Featured image Credit vernon raineil cenzon via unsplash