India-Taiwan trade may reach USD 25 billion via investment & technology sharing
India-Taiwan economic partnership is growing significantly in recent years. Taiwan has considered India as a critical partner under its ‘New Southbound Policy’ and both the countries have also signed migration agreement to allow Indian workers to be employed in Taiwanese industries.
The All India Association of Industries (AIAI) and MVIRDC World Trade Center Mumbai hosted an interactive meeting with a High Level Business Delegation from Taiwan to discuss growing potential for bilateral economic cooperation. Mr. Peter Huang, South Asia Specialist at the Taiwan External Trade Development Council’s Market Development Department, led the High Level Business Delegation.
Speaking on the event, Mr. Huang stated, “India is a kind and welcoming country for Taiwanese industry. Taiwan is actively considering strengthening commercial and investment connections with India. Our commercial relationship is growing stronger, and this is our 15th business mission to India. India is still an undiscovered market for Taiwanese enterprises, with enormous trade and investment opportunities, particularly in electronics, auto-components, machinery, food processing, medical equipment, and other areas.”
Earlier in his welcome address, Dr. Vijay Kalantri, President, All India Association of Industries (AIAI) and Chairman, MVIRDC World Trade Center Mumbai remarked, “India-Taiwan economic relation is at an inflection point. For the first time, India conferred Padma Bhushan award to CEO of Foxconn, Mr. Young Liu, which is testimony to the strengthening of our bond. Taipei Economic and Cultural Center (TECC) is also planning to set up third office in India, which signals its commitment to grow bilateral economic relations.”
Dr. Kalantri emphasized that both the countries should grow bilateral trade to USD 25 billion, from the current level of USD 8 trillion through partnership in investment and technology cooperation. Dr. Kalantri suggested Taiwanese companies to invest in India and also increase import from India to balance bilateral trade, which is skewed in favour of Taiwan. Of the USD 8 billion bilateral trade, Taiwan exports USD 6 billion and imports hardly USD 2 billion from India.
“AIAI and WTC Mumbai have led several trade delegations to Taiwan with focus on agriculture, water, electronics and other sectors. In future, we are committed to facilitate our commercial partnerships in electronics, shipbuilding and other sectors of mutual interests,” Dr. Kalantri added.
Dr. Kalantri also suggested strengthening people-to-people contact by increasing flight connectivity as there are hardly two direct flights per week between both the countries.
Mr. Poyi Edison Hsu, Director – TAITRA Mumbai also graced the occasion.
Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai proposed vote of thanks for the event.
The Taiwanese business delegation represented sectors such as auto-components, medical devices, electronics, industrial machineries, processed food, printed circuit boards, steel, laundry equipments and others. The interactive meeting was also addressed by Mr. Chen, Yi-Chang, General Manager, CHK SEALING TECHNOLOGY CO., LTD., who is member of the Taiwan delegation.
The event was followed by B2B meetings between Taiwanese delegates and Indian delegates, which will lead to fruitful joint venture, investment, technology exchange and trade opportunities.
Mr. Chen, Yi-Chang, General Manager, CHK SEALING TECHNOLOGY CO., LTD. (left) who is a member of the Taiwan delegation being felicitated by Dr. Vijay Kalantri, President, All India Association of Industries (AIAI) and Chairman, MVIRDC World Trade Center Mumbai.
(From left to right): Mr. Poyi Edison Hsu, Director, TAITRA Mumbai, Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai, Mr. Chen, Yi-Chang, General Manager, CHK SEALING TECHNOLOGY CO., LTD., Dr. Vijay Kalantri, President, AIAI and Chairman, MVIRDC WTC Mumbai, Mr. Peter Huang, Specialist of South Asia section, Market Development Department, Taiwan External Trade Development Council, Capt. Ramesh Gulati, Member, Council of Management, MVIRDC WTC Mumbai, Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai
