TAIPEI (Taiwan News) — The bilateral investment channel between the U.S. and Taiwan is a two-way channel for growth and development and shared values, U.S. Assistant Secretary of Commerce Arun Venkataraman said on Saturday (June 25).

Speaking at a dinner event hosted by Taiwan’s SelectUSA delegation, Venkataraman said that the two nations have close economic relations, and in recent years, they have continued to deepen bilateral trade and investment ties, CNA reported. Last year, Taiwan was the U.S.’ eighth largest trading partner, he pointed out.

Venkatarman added that Taipei and Washington recently announced the 21st Century Trade Initiative to continue to deepen the U.S.-Taiwan economic and trade relationship, promote trade priorities, encourage innovation, and further improve the economic growth of labor and business in both countries. He said he hoped the U.S. and Taiwan would continue to deepen economic and trade relations so that both businesses and labor could benefit from it.

American Institute in Taiwan Taipei Office Director Sandra Oudkirk, who invited Taiwan to attend the Select Taiwan Summit for the first time after taking office, also welcomed the Taiwan delegation to the United States in her speech. She said it represented the strong, extensive and deepening U.S.-Taiwan relations.

Venkataraman delivered a speech saying the U.S. Department of Commerce has listed Taiwan as a priority market, and on many issues, Taiwan is a recognized and trustworthy partner of the United States.

Kung Ming-hsin (龔明鑫), Taiwan’s National Development Council minister, said that Taiwan and the U.S. are the world's leaders in many important industries, such as semiconductors, 5G networks, and electric vehicles. If the speed of cooperation between the two countries slows down, the progress of these industries will also slow down; therefore, bilateral cooperation is not only a catalyst for the creation of business opportunities but also a responsibility to the world, he said.

The SelectUSA Investment Summit is an annual event backed by the U.S. Department of Commerce that is dedicated to promoting foreign direct investment in the U.S. It will last from June 26-29 in Maryland.