Wyoming to open trade with Taiwan

By Chrssy Suttles
Wyoming Tribune Eagle
Via Wyoming News Exchange
 
CHEYENNE – The Wyoming Business Council, with financial assistance from the state, is laying groundwork for new international trading with Taiwan and, eventually, the larger Asian Pacific Rim.
The Wyoming Legislature allotted $400,000 from the state’s general fund to the Business Council this year to encourage the export of products and services from the state to national and international markets.
Recently, the council entered into a 22-month contract with Taiwanese trade representative Chester Chu, who will work with buyers in Taiwan to establish relationships with Wyoming businesses. He also is responsible for educating businesses and building market profiles.
Chu, a 20-year veteran of operations and commercial leadership in various multinational industries, was ultimately chosen for the position due to his working knowledge of Wyoming’s limited trade opportunities, according to WBC business development director Ron Gullberg.
“He emphasized company counseling for Wyoming citizens, problem solving and getting ready to export to Taiwan,” Gullberg said. “We all recognize that we are 49th in exports in the country. We have nowhere to go but up. It was impressive when a candidate recognized our low number and emphasized helping us counsel and train Wyoming companies for export readiness.”
The council also hired former financial officer Andrew Carpenter as its international trade manager. Carpenter will work directly with Chu.
The Business Council has also secured space in the Taipei World Trade Center.
The state’s manufacturing industries already have some foundation in Taiwan, which Business Council CEO Shawn Reese said is a good opportunity to launch into other Asian markets down the road.
“I think Taiwan has been our target because they have been progressive in developing diplomatic relations with the state of Wyoming for the past eight years,” he said during a WBC meeting two weeks ago. “It is an international commerce hub, so this is not just about Taiwan; this will be about making connections, particularly, with the Pacific Rim.”
Carpenter said the state’s first priority will be beef and other agricultural exports.
“Taiwan is already a large sector for U.S. agriculture,” he said. “U.S. beef accounts for 75 percent of its total market; they have a huge growing protein sector. So the stuff we do … well, they need.”
Taiwan was the county’s 14th-largest goods export market in 2017, with total exports of agricultural products to Taiwan totaling $3.3 billion, according to the Office of the United States Trade Representatives.
The state plans to expand to other industries in the future.
“As far as growing other businesses, there are some industries that fall in line with the ENDOW initiative (the state’s effort to diversify its economy),” Carpenter said. “There is outdoor recreation and other agriculture such as grains, beets, soybeans and other things that do well in Wyoming.”
Gullberg said the effort is expected to put Wyoming on the international economic stage.
“We need to grow and get outside the borders domestically and internationally,” he said. “Then you get money coming from outside into the state, businesses can grow, expand their contracts, add employees and increase wages. We have talked a lot about Taiwan, and now we are putting action to those words.”