Regardless of the controversy and drama surrounding public policy, the most effective business strategy is that of finding ways to establish open partnerships with fair and like-minded organizations. This tenet proves highly relevant in the field of global business relationships.
Recently, the Texas Tribune reported, Texas Republican leaders met with Taiwanese President Tsai Ing-we to discuss trade and economic opportunities. This meeting followed a post-election phone call between Donald Trump and President Tsai that challenged long-standing United States foreign policy toward China. The United States has not officially recognized Taiwan as a country since 1979, and the People's Republic of China raised objections to the perceived rapprochement.
According to the Rhodium Group, an organization tracking Chinese foreign direct investment in the United States, The People's Republic of China has made 111 such deals in Texas since 2000. Likewise, Taiwan's Ministry of Economic Affairs indicates that Taiwan is the 13th largest export market for Texas.
In other words, both parties matter greatly in terms of their business impact in Texas. Business leaders must consider the relevance of each, even if elected officials choose to favor one over the other.
With competing interests like these, careful monitoring of legislative and even diplomatic events pays off for anybody with a stake in global business relations or an eye on investment opportunities in other regions. In an ideal world, ethical and effective business relationships would not be vulnerable to the caprice of foreign policy and legislative issues, but no business operates in an ideal world.
Today, the meeting between Texas officials and the Taiwanese president is just a diplomatic gesture. Tomorrow, however, this meeting might have a significant impact on policies and legislative initiatives with very practical implications for those with a vested interest in the People's Republic of China, Taiwan, or both.
Many organizations do not have the context or resources to monitor Texas legislative issues/news like these or advocate on their own behalf in such delicate situations. Texas lobbyist and attorney Jake Posey noted that the stakes are high, and the organization that recognizes its own limitations and employs the expertise of a specialist has more of chance of weathering uncertain legal and political events than those who take their chances with fate.
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