Minnesota and Taiwan in $3.5 billion agricultural deal
Taiwan is the 6th largest export market for Minnesota agricultural products, and one of the world's largest consumers of U.S. agricultural products on a per capita basis. Their significance was emphasized in person on Friday at a letter of intent signing at the Minnesota State Capitol, reports Hibbing Daily Tribune.
The Taiwanese Goodwill Mission delegation landed in the Twin Cities and made their way to Governor Dayton's reception room for a formal meeting and letter of intent signing. Senator Tomassoni said he was proud to be a part of the reception.
"Taiwan has been a loyal trade partner to Minnesota for many years. Ag exports to Taiwan are vital to Minnesota's agricultural industry and it was a pleasure to personally welcome them to our great state and to be present during the signing of a $3.5 billion letter of intent," Senator Tomassoni said.
The delegation toured several Minnesota farming operations as well as attended a Minnesota Twins game before they left the state. Every two years, Taiwan sends an Agricultural Trade Goodwill Mission to the United States, visiting Washington, D.C. and selected Midwestern states. It is considered a great honor to be the state where the actual signing occurs. During the trip, the Goodwill Mission signs letters of intent with U.S. suppliers to purchase corn, soybeans, and wheat.
The projected total value for the 2013 Taiwan Ag Trade Goodwill Mission's corn (including by-products) and soybean contracts from the U.S. and Minnesota is an estimated $3.3-$3.5 billion (biennium purchases). ■