Magazine : 
EPIC Foundation and TEEMA Strengthen India-Taiwan Trade Ties
In a bid to strengthen economic links between Taiwan and India, the EPIC Foundation, an NGO, signed a Memorandum of Cooperation (MOC) with Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) to promote investments and increase bilateral trade. The agreement seeks to create smooth investments by Taiwanese enterprises in India and support independence in the global electronic value chain (GVC).
TEEMA, Taiwan's leading trade association, is the representative of more than 3,000 electrical and electronics manufacturers. EPIC Foundation will engage in technical and investment cooperation with a group of TEEMA member companies to promote partnerships with Indian companies. EPIC's strong connections within the Indian business community and its techno-commercial strategy expertise will assist Taiwanese businesses in understanding India's business environment, providing customized insights and execution services to realize successful endeavors.
EPIC Foundation Chairman Dr. Ajai Chowdhry showed enthusiasm for the partnership, stressing the economic potential and regional projection. "Strengthened economic relations between Taiwan and India present a powerful opportunity to diversify alliances and foster a more balanced geopolitical map in the Asia-Pacific region", he stated. "Our combined efforts will play a pivotal role in propelling India's economic growth and strategic position on the international stage".
Taiwan is at the center of global manufacturing and technology industries, specifically in semiconductor manufacturing. Led by companies like Taiwan Semiconductor Manufacturing Company (TSMC), Taiwanese players dominate world fab manufacturing, with 78% of the market. The Indian semiconductor market, worth an estimated $38 billion in 2023, is set to reach $109 billion by 2030, offering a big opportunity for Taiwanese companies to increase their share in India.
Richard Lee, TEEMA Chairman, highlighted the significance of the partnership in promoting trade relations between the two countries. "We are pleased to collaborate with EPIC Foundation, whose assistance will enable us to make significant contributions to the improvement of our trade relations with India. This partnership, founded on trust and commonality of purpose, will definitely yield real advantages for both nations", said Lee.
The strategic partnership between EPIC Foundation and TEEMA is an important milestone towards strengthening the economic relationship between India and Taiwan, with bright prospects for expansion in the technology and manufacturing industries.
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