Taiwanese plant and factory leaders have interest in bringing industry to Texas because of the abundance of natural gas.
About 30 Taiwanese companies were represented at Formosa Plastics Corporation of Texas on Thursday so their leaders could learn how the plant has been so successful in Point Comfort, said Jack Wu, the petrochemical company’s business development vice president. The group was led by Mei-Yueh Ho, the national policy adviser to the office of the Taiwanese president. She is also the chairwoman of the Science and Technology Interchange Committee under the Association of East Asian Relations.
“They want to learn the success story and the possibility of the chance to invest here,” Ho said.
There is little to no natural gas in Taiwan, so it is imported or replaced by crude oil, she said.
“It is not enough to use as a raw material to produce petrochemical products,” she said.
Bringing plants to Texas, using the natural gas and exporting products to Taiwan would provide a solution for the problem, Ho said.
Taiwanese factory leaders, primarily in the petrochemical industry, want to understand the Crossroads’ environment, government policies and incentives offered to companies that come to Texas, Ho said.
“Formosa is very successful and admired by the petrochemical industry in Taiwan,” she said. “Everyone is very interested about the regulation environment.”
Businesses represented include the China Petroleum Corporation Taiwan, China Steel Corporation Taiwan and more.
Taiwan and Texas have a strong relationship because the founder of semiconductor factories in Taiwan used to be the senior vice president of Texas Instruments, Ho said. He is the founder of the Taiwan Semiconductor Manufacturing Company, which is the No. 1 factory in the world in its field.
“He is seeking the possibility to set up a semiconductor in the U.S. possibly in Texas,” she said.
Texas and Taiwan have a strong trade relationship, Ho said. Texas exports more products to Taiwan than the country imports to the state.
The U.S. is an innovation-driven country, and Taiwan is a efficiency-driven country, and the two work well together, said Chin-Yeong Hwang, Ho’s secretary.
After visiting Formosa, the business leaders have stronger interest in the Crossroads and Texas, Ho said.
The visit to Formosa Plastic Corporation of Texas went well, and company officials were glad to host the Taiwanese business leaders, Wu said.
The business leaders who visited Formosa were on their way to Washington, D.C., to attend the 2017 SelectUSA Investment Summit. More than 100 Taiwanese business leaders will attend the summit.