N.J. increases ties with Taiwan with collaboration agreements on economic and educational initiatives

Murphy: MOUs will create more opportunities to promote bilateral investment, talent exchanges

After rattling off just some of the many sectors in which New Jersey and Taiwan can work together — and, after noting the two sides have been working together for decades — Gov. Phil Murphy announced they have agreed to partner even more going forward.

Murphy, on the first full day in Taiwan, the third leg of the New Jersey East Asia Economic Mission, signed three additional Memoranda of Understanding that will ensure the sides will collaborate on economic and educational initiatives.

Speaking at an event at Taiwan’s Ministry of Foreign Affairs, leaders of both groups acknowledged the importance of international cooperation in bolstering two-way economic investment, academic exchanges and the security of confidential financial information.

“We can learn invaluable lessons through our partnership with Taiwan, and we hope that the agreements signed today will be beneficial to the strength of both of our states,” Murphy said.

In so many key areas.

Murphy said sectors such as pharmaceuticals, bio/life sciences, tech, telecom, the green economy and artificial intelligence will lead the way in the relationship. That being said, the potential for academic collaboration — from research to student exchanges — also is part of the idea.

Murphy noted the two sides have plenty in common, including innovative economies that rely on a highly educated workforce.

Murphy said there’s enormous potential to do more.

Taiwan Foreign Minister Joseph Wu agreed.

“I’m confident that we will create more opportunities to promote bilateral investment, talent exchanges and cooperation in areas such as high-tech industries and cutting-edge research,” he said.

A look at the three MOUs:

Between the New Jersey Economic Development Authority and Taiwan’s Ministry of Economic Affairs

  • The agreement: It calls for both states to exchange information on trade, industry and investment; to assist in briefings, connections and general introductions to each state’s business environment; and to work together to explore partnerships in innovative industries and strategic sectors of the economy.
  • The quote: “The agreement signed today will ensure that trade and investment opportunities will continue to flow between both states, creating a stronger economic partnership,” NJEDA CEO Tim Sullivan said.

Between the New Jersey Department of Education and Taiwan’s Department of International and Cross-Strait Education of the Ministry of Education

  • The agreement: It calls for joint action between the two states to promote projects and academic exchanges between educators, educational institutions and concerned individuals, and to encourage joint efforts in language and science, technology, engineering and math education fields. Both parties will form nonofficial working groups, which will meet at least once a year, and create work plans to coordinate efforts in pursuit of the memorandum’s goals.
  • The quote: “This partnership will open doors for cultural exchange and educational advancement, enhancing the learning experiences for our students in New Jersey and fostering global cooperation in the field of education,” Angelica Allen-McMillan, acting commissioner of education, said.

Between the New Jersey Division of Banking & Insurance and the Financial Supervisory Commission of Taiwan

  • The agreement: It aims to strengthen the exchange of confidential financial information between the two states, leading to more secure financial transactions and investment. As the primary state agency responsible for the regulation of banking, insurance and real estate industries, NJDOBI’s collaboration agreement with Taiwan’s principal fiscal regulator will ensure that investment and business opportunities are safer and stronger.
  • The quote: “International cooperation between regulators is vitally important to protect consumers and promote the stability of multinational financial institutions. The New Jersey Department of Banking & Insurance and the Financial Supervisory Commission of Taiwan share these mutual goals, and the information sharing that will result from this MOU will further our ability to meet those objectives,” acting Department of Banking & Insurance Commissioner Justin Zimmerman said.