MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI) jointly organized an interactive meeting with a high-level business delegation from Taiwan to discuss the emerging opportunities for bilateral economic cooperation
The India-Taiwan economic partnership has grown significantly in recent years. Taiwan has considered India as a critical partner under its ‘New Southbound Policy’ and both the countries have also signed a migration agreement to allow Indian workers to be employed in Taiwanese industries.
Peter Huang, a Specialist in the South Asia section, Market Development Department, Taiwan External Trade Development Council stated that India is a friendly and hospitable country for Taiwanese industry.
“Taiwan is looking seriously to enhance trade and investment relations with India. Our commercial relationship is growing from strength to strength and this is our 15th business delegation to India. India is still an untapped market for Taiwanese firms and there is huge trade and investment potential in India, especially in electronics, auto-components, machinery, food processing, medical devices and other sectors,” remarked Huang.
Vijay Kalantri, Chairman, MVIRDC WTC Mumbai said that India-Taiwan economic relations are at an inflection point. He emphasized that both the countries should grow bilateral trade to USD 25 trillion, from the current level of USD 8 trillion through partnership in investment and technology cooperation.
Kalantri suggested Taiwanese companies to invest in India and also increase imports from India to balance bilateral trade, which is skewed in favor of Taiwan. Of the USD 8 billion bilateral trade, Taiwan exports USD 6 billion and imports hardly USD 2 billion from India.
The Taiwanese business delegation represented sectors such as auto components, medical devices, electronics, industrial machinery, processed food, printed circuit boards, steel, and laundry equipment.
