Taiwanese investment stimulates Louisiana’s economy
Investment from Taiwan solidifies Louisiana’s economy. Taiwanese companies have invested — and reinvested — in Louisiana for decades. That Taiwanese foreign direct investment underscores why, for the past decade, Louisiana leads the U.S. for the most per capita FDI among all states with 1 million or more people. Since 2003, Taiwanese companies have announced billions of dollars in Louisiana investment.
NOTABLE TAIWANESE INVESTMENT IN LOUISIANA
- Nan Ya Plastics Corporation – Power and automation technology group, $4.40 million investment
- Westlake Chemical Corporation – Manufacturing facility service & inspection
- Formosa Petrochemical Corp.
In September 2015, Formosa Petrochemical Corp. announced the company is studying the feasibility of a $9.4 billion industrial complex in St. James Parish, where the company would build two project phases producing ethylene and a host of downstream chemical products. The project would create 1,200 new direct jobs. Louisiana Economic Development estimates the project will also result in 8,000 new indirect jobs. Upon completion of both phases, Taiwan-based Formosa would have developed one of the largest, single-site ethylene production complexes in the world.
“We believe strategic growth in petrochemicals in the future will be in the U.S., especially in Louisiana. It is the right and perfect location for our company's next development base. With our experience, we will not only focus on the industry itself to improve economics, but also take serious consideration of environmental issues.”
Bao-Lang Chen, Chairman
TRADE BETWEEN TAIWAN AND LOUISIANA
EXPORTS TO TAIWAN
|
| Chemicals |
$127.7 million |
| Agricultural Products |
$125.8 million |
| Primary Metal Manufacturing |
$55.9 million |
| Other |
$87.7 million |
Total
|
$205.5 million
|
IMPORTS FROM TAIWAN
|
| Primary Metal Manufacturing |
$123.3 million |
| Fabricated Metal Products |
$13.2 million |
| Petroleum & Coal Products |
$34.3 million |
| Other |
$34.7 million |
Total
|
$205.5 million
|
LOUISIANA REPRESENTATION IN TAIWAN
In March 2017, LED Secretary Don Pierson led a Louisiana contingent to Asia focused on both business retention and business development. The economic development mission included a visit to Taiwan to meet with existing investor company officials and potential new prospects.
Louisiana has a local representative, Nicholas V Chen, based in Taipei, Taiwan. If you would like to reach him, email [email protected] or call 886-2-5588-1799.