India-Taiwan Economic Partnership
According to industry experts, the trade between Taiwan and India might reach $25 billion through investment and technology sharing as the two nations’ economic partnership has grown significantly in recent years.
India is a friendly and welcoming country for Taiwanese industry, according to Peter Huang, specialist of the South Asia department (Market Development Department), Taiwan External Trade Development Council, who led a high-level delegation here.
There's huge investment potential in India, says visiting Taiwanese business delegation
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“Our commercial relation is growing from strength to strength and this is our 15th business delegation to India,” Huang said.
“For Taiwanese businesses, India remains an unexplored market. The country offers enormous opportunities for trade and investment, particularly in the electronics, auto-components, machinery, food processing, medical devices, and other industries,” he emphasised.
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Under its “New Southbound Policy,” Taiwan views India as a vital partner, and the two nations have negotiated migration agreements that permit the employment of Indian laborers in Taiwanese enterprises.
Taiwan considering India as promising place for investment
According to Vijay Kalantri, Chairman of the MVIRDC World Trade Center in Mumbai, the economic relationship between Taiwan and India is at a turning point.
“For the first time, India conferred Padma Bhushan award to CEO of Foxconn, Young Liu, which is testimony to the strengthening of our bond,” he mentioned.
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Additionally, a third office for the Taipei Economic and Cultural Center (TECC) is slated to open in India.
“Through partnerships in investment and technological cooperation, both countries should increase their bilateral trade from the current level of $8 billion to $25 billion,” Industry leaders noted.
Taiwan sells $6 billion and imports barely $2 billion from India out of the $8 billion in bilateral commerce.
In February, Taiwan and India signed a migration and mobility agreement that will allow Indian people to work in a variety of sectors on the self-governing island. This action is thought to be indicative of the two countries’ renewed vigor in their relationship.
