The Taiwanese Business Impact on Louisiana’s Economy
Taiwanese investment is essential to Louisiana’s economy. Taiwanese companies have been investing in Louisiana for decades, helping to propel Louisiana to the No. 1 spot in the U.S. in per capita foreign direct investment (FDI) since 2008. Since 2003, Taiwanese companies have announced billions of dollars’ worth of investments in Louisiana.
Notable Taiwanese Projects In Louisiana
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. Formosa Petrochemical Corp., a member of the Formosa Group, would develop the project with an ethane cracker and downstream plants in the initial phase, followed by a doubling of those capacities in the second phase. The secure the project, the state offered a competitive incentive package that would include a $12 million performance-based grant to offset infrastructure costs. Formosa also would receive the services of LED FastStart® and would utilize Louisiana’s Quality Jobs and Industrial Tax Exemption programs.
“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.”
Taiwan is an important export market for Louisiana, with over $385.9 million in Louisiana exports there in 2015. Top Louisiana exports to Taiwan include oil, seeds, and grains; cereals; organic chemicals; mineral fuel; rubber products; and plastics products. Louisiana ranks No. 1 among U.S. states in Taiwanese exports of oils, seeds, grains and No. 4 in organic chemicals.
Louisiana also imports heavily from Taiwan: over $85.3 million worth of goods in 2015. Top imports from Taiwan include iron and steel; industrial machinery, including computers; rubber products; and mineral fuel.
Quality of Life, Arts and Culture
Taiwanese Student Association at Louisiana State University
Learn more here.