ST. PAU, Minn. (Sept. 21, 2015) — Joined by Governor Mark Dayton, Taiwanese trade officials and business leaders on Monday, signed letters of intent to purchase billions of dollars of agricultural products from farmers in Minnesota and other Midwestern states over the next two years.
The Taiwanese delegation plans to purchase up to $2.49 billion of American corn and soybeans in 2016 and 2017. Taiwan is Minnesota’s sixth-largest export market, and a key trading partner for the state’s corn and soybean growers.
“Minnesota farmers produce the highest quality agricultural products in the world,” said Governor Dayton.“Our trade relations around the world, including Taiwan, are crucial to ensuring that our farmers can sell their products in the global marketplace. I want to thank everyone involved, especially the corn and soybean growers of Minnesota, for their efforts to promote our state and support strong business relationships.”
The Taiwanese delegation, led by Mr. Cheng-Taung Wang, Deputy Minister of the Taiwan Council of Agriculture, plans to purchase 197 million bushels of U.S. corn and 500,000 metric tons of dried distillers grains (DDGS), valued at an estimated $1.23 billion. The deal also includes the purchase of between 96 million and 107 million bushels of U.S. soybeans valued at an estimated $1.26 billion.
“The U.S. remains one of Taiwan’s largest trade partners for agricultural products, regularly supplying one-fourth of the Island’s total food import needs,” said Mr. Cheng-Taung Wang. “This visit will help to further-strengthen our bilateral trade relations.”
In January 2013, Minnesota Agriculture Commissioner Dave Frederickson led a trade mission to Taiwan and personally extended an invitation to Taiwanese trade officials to visit Minnesota and sign letters of intent to purchase corn and soybeans. The delegation’s visit sustains this strong trade relationship, between these countries.