A memorandum of understanding to promote trade between the Republic of China and Utah businesses and organizations has been signed by Sheng-fa Hsui, chairman of the Chinese National Federation of Industries, and Stanley B. Parrish, Utah Department of Community and Economic Development executive director.
Fourteen people from the Republic of China who represent the federation watched as the two men signed the document Thursday in the department office.It is the second economic agreement signed in the past two months. Gov. Norm Bangerter signed a similar trade agreement with the Import/Export Association of Taipei when he was in Asia on a trade mission in November.
The latest agreement notes the Legislature acknowledged the prospects for expanded economic cooperation between the Republic of China and Utah are excellent and will yield substantial mutual benefits. Here is what both sides will attempt to do:
- Promote mutual understanding and cooperation between the respective private sector business communities of the Republic of China and Utah in the fields of trade, joint venture facilitation, technology transfer and investment relations.
- Exchange and disseminate relevant business and economic information on goods and services that are available from the other country/state to businesses of their respective country/state.
- Notify each other of trade exhibitions and investment seminars to be held in each party's respective country/state and render appropriate and timely assistance when requested.
- Promote exchanges of visits by delegations and businesses of the country/state and extend cooperation and assistance to the visitors sponsored by the other party.
- Advise each other of firms that have interest in joint venture or investment in each party's respective country/state.
- Encourage the business and industrial communities of their respective country/state to form an economic cooperation committee to consist of senior business executives and civic leaders in order to effectively accelerate the activities mentioned above.