Taiwan keen to invest in India

Tuesday, 15 October 2002, 19:30 IST
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NEW DELHI: Taiwan is increasingly looking at India as a safe investment destination and is encouraging its businessmen to explore and tap the vast potential of the Indian market, said Chii-Ming Yiin, vice minister, Ministry of Economic Affairs and Leader of the Taiwan Economic Trade mission. He was addressing a seminar on Technology Partnership with India, organized by the Confederation of Indian Industry and Taipei Economic and Cultural Centre. Yiin is leading a 23-member high-powered trade mission in India. Yiin identified IT, software services, electronic components, technology development, biotechnology, R& D as the potential sectors of cooperation between the two growing economies of Asia. "Given the complementary nature of our economies and industrial structures, India and Taiwan should take advantage of each other's strengths and continue building bilateral ties in trade and investment," he said. Urging Indian business community to invest in Taiwan, Yiin said that a free and open trade and investment environment should be created to maximize the fruits of cooperation. The bilateral trade between India and Taiwan has been growing significantly from US $ 400 million in 1991 to $ 1.123 billion in 2002, he said. According to Yiin, there have been 115 cases of Taiwanese investments in India worth $ 114.6 million. At the same time, Indian investments in Taiwan stand at $ 4.7 million at present. Speaking about the gradual process of economic development in Taiwan, Yiin explained the various measures taken by his government which have had helped Taiwan to become one of the most competitive countries in the world. " Taiwan's overall competitiveness rank increased from 11th in 2000 to 7th in 2001 because of technological competence," he said. Hari S Bhartia, Chairman, CII National Committee on Technology and Innovation said that leadership in technology and innovation is increasingly becoming a part of development. CII is following a five-pronged approach to encourage industry to achieve competitiveness through technology. The approaches to be followed are awareness, technology information, encouraging technology development in industry with long term initiatives, partnerships with national and international organizations and policy initiatives.
Source: IANS