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Grimes’ Taiwan trip strengthens fiscal relationship with Kentucky
By JORDAN STRICKLER
Kentucky Correspondent
 
FRANKFORT, Ky. — Kentucky Secretary of State Alison Lundergan Grimes has returned from an international trade mission in which she and a delegation of three other secretaries of state visited Taiwan, officially known as the Republic of China.
 
The delegates met with officials from the country’s Council of Agriculture, Bureau of Foreign Trade and Ministry of Foreign Affairs. Grimes also met with several business interests with ties to the Bluegrass State, including Sunspring America, Inc. and Taihu Brewing.

“As secretary of state, I have sought to strengthen Kentucky’s relationship with Taiwan through trade missions and continuous work with the Taipei Economic and Cultural Representative Office,” Grimes said of the organization that coordinated and funded the trip.

“In 2013, just more than one year into my first term as Kentucky’s chief business official, I traveled with a United States delegation of secretaries of state throughout Taiwan. This mission allowed me to gain a better understanding of and examine the Kentucky-Taiwan relationship.”

In September 2015, Kentucky and Taiwanese officials signed an agreement to increase corn and soybean exports to Taiwan in 2016 and 2017. The Taiwan Feed Industry Assoc. agreed to buy $1.2 billion in corn and the Taiwan Vegetable Oil Manufacturers Assoc. is purchasing as much as $1.2 billion in soybeans.

“In meetings with the Council of Agriculture and the Department of Northern American Affairs, our delegation learned more about Taiwan’s rich agricultural history, which Kentucky shares,” said Grimes.

“More than 5 percent of Taiwan’s workers are involved in the agriculture industry, helping to produce the island’s major products of rice, chicken and pork. Officials are focused on renewal of idle land and support young farmers with incentives and training programs.”

Kentucky’s leading exports to Taiwan include civilian aircraft, engines and parts; plastics; chemical products; and industrial and electric machinery. Major imports from Taiwan include industrial and electrical machinery, packaged food, iron, steel and automotive parts.

“In 2016, Kentucky exported $174 million in goods and services to Taiwan, a substantial 18.3 percent more than in 2015,” said Jack Mazurak, communications director for the Kentucky Department of Economic Development. “Taiwan ranks 20th among all countries to which Kentucky exports.

“Through 2016, Kentucky imported $617 million in goods and services from Taiwan, representing 8.8 percent more than the previous year.”

The Commonwealth has enjoyed a cordial economic and cultural relationship with Taiwan since 1982 when then-Gov. John Y. Brown Jr. established a sister-state partnership with the country. 
 
Several Kentucky businesses have offices in Taiwan, including oil company Ashland, Inc., electroplating facility Sunspring America and Taihu Brewing.

The Louisville-based Brown-Forman, a spirit and wine company, and Conntek Integrated Solutions, an electrical component manufacturing facility, also have ties to the country. In 2012, Taiwan even provided financial aid to Kentucky during a tornado outbreak that devastated eastern parts of the state.

“Taiwan’s economy supports important industries here in the Commonwealth by demanding millions of dollars of imports from Kentucky’s bourbon and spirits, oil and restaurant industries,” Grimes said. “Because Taiwan is an island, international trade largely supports its economy, and its leaders are working to diversify their trading markets with the United States, India and Japan.”
 
While less than half the size of Kentucky, Taiwan’s population of approximately 23.52 million is more than five times Kentucky’s 4.44 million residents. 
7/14/2017