NJEDA, NJDOE, and NJDOBI sign Memoranda of Understanding with Taiwan

TAIWAN (October 24, 2023) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan and representatives of the New Jersey Department of Education (NJDOE) and the New Jersey Department of Banking and Insurance (NJDOBI) finalized three memoranda of understanding (MOU) with Taiwan to collaborate on economic and educational initiatives. During an event at Taiwan’s Ministry of Foreign Affairs, attended by New Jersey Governor Phil Murphy, New Jersey First Lady Tammy Murphy, and representatives from New Jersey and Taiwan, leaders acknowledged the importance of international cooperation in bolstering two-way economic investment, academic exchanges, and the security of confidential financial information.   

“The agreements signed at the event highlight the importance of working with partners around the world to form a stronger and fairer economy and create a better future for our children,” said Governor Murphy. “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 New Jersey and Taiwan.”

The first MOU, signed by the NJEDA and Taiwan’s Ministry of Economic Affairs, encourages partnerships between the two entities to facilitate two-way trade, investment expansion, and economic cooperation. The agreement calls for New Jersey and Taiwan to exchange information on trade, industry, and investment; to assist in briefings, connections, and general introductions to each other’s business environment; and to work together to explore partnerships in innovative industries and strategic sectors of the economy. 

“New Jersey and Taiwan have enjoyed strong bilateral economic cooperation, both recognized as centers of innovation and excellent locations to start and grow businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “The agreement will ensure that trade and investment opportunities will continue to flow between both entities, creating a stronger economic partnership. Collaboration between Taiwan and New Jersey will create a business environment filled with opportunities and innovative ideas.” 

“Taiwan continues to work with the U.S. under the Technology Trade and Investment Collaboration (TTIC) Framework, a platform for Taiwan to enhance economic relationships with U.S. state governments and business communities,” said Mr. Chern-Chyi “C.C.” Chen, Deputy Minister for Economic Affairs. “By signing this agreement, we jointly demonstrate the strong willingness to engage in supply chain collaboration. We are picturing that Taiwan and New Jersey work with each other to form reliable and vibrant supply chains.”

The second MOU, signed by the NJDOE and Taiwan’s Department of International and Cross-Strait Education of the Ministry of Education, calls for joint action between New Jersey and Taiwan to promote projects and academic exchanges between educators and educational institutions to encourage joint efforts in language and science, technology, engineering, and math (STEM) education fields. Both parties will form a working group, which will meet at least once a year, and create work plans to coordinate efforts in pursuit of the memorandum’s goals.

“The signing of this Memorandum between the Ministry of Education in Taiwan and the New Jersey Department of Education marks a significant step for international collaboration in education,” said Dr. Angelica Allen-McMillan, Acting Commissioner of Education. “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.”

The final MOU, signed by the NJDOBI and the Financial Supervisory Commission of Taiwan, aims to strengthen the exchange of confidential financial information between New Jersey and Taiwan, 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. 

“International cooperation between regulators is vitally important to protect consumers and promote the stability of multinational financial institutions. The New Jersey Department of Banking and 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,” said Acting Department of Banking and Insurance Commissioner Justin Zimmerman. “The department looks forward to collaborating with the commission to strengthen our regulated industries and protect our residents.” 

“Taiwan and the United States have close financial supervisory ties. The MOU includes provisions governing information sharing and confidentiality that both parties will abide by in fulfilling their respective supervisory responsibilities,” said Mr. Joe Lai, Direct General of the Department of International Affairs of the Financial Supervisory Commission. “The MOU will enhance the sharing of financial supervision-related information and exchange of experience between the Financial Supervisory Commission and the New Jersey Department of Banking and Insurance.”

The event in Taiwan was part of Choose New Jersey’s economic mission to East Asia, led by Governor Murphy. The mission seeks to bolster bilateral ties between New Jersey and several Asian countries, fostering opportunities and partnerships.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.