India-Taiwan Trade May Reach $25 Billion Through Investments, Tech Sharing
India and Taiwan are poised to elevate their economic partnership, aiming for bilateral trade to reach $25 billion through investment and technology exchange, according to industry leaders. Peter Huang from the Taiwan External Trade Development Council, who led a high-level delegation to India, emphasized that India is a hospitable market for Taiwanese industries, with significant potential in electronics, auto-components, machinery, food processing, and medical devices.
The growing commercial relationship marks the 15th business delegation's visit to India, as Taiwan views the country as a critical partner under its 'New Southbound Policy.' Additionally, both countries have signed agreements allowing Indian workers to be employed in Taiwanese industries, further solidifying their economic ties.
Vijay Kalantri, Chairman of MVIRDC World Trade Center Mumbai, noted that the India-Taiwan economic relationship is at an inflection point, highlighted by India conferring the Padma Bhushan award to Young Liu, CEO of Foxconn, in recognition of the deepening ties.
The Taipei Economic and Cultural Centre (TECC) plans to establish a third office in India, indicating a growing presence in the country. Currently, Taiwan exports $6 billion to India while importing $2 billion, but industry leaders aim to balance the trade through mutual investment and cooperation in various sectors.
Kalantri expressed commitment to strengthening commercial partnerships in electronics, shipbuilding, and other areas of mutual interest. The growing ties between the two countries reflect a significant shift towards enhanced economic collaboration and the potential to unlock new opportunities for both nations.
