As Taiwan celebrates its National Day on October 10, its charting new frontiers in terms of creating economic partnerships and growing bilateral trade with India. Compared to a paltry $2 billion way back in 2006, currently trade between both nations is notching around $7 billion and upwards. Speaking exclusively to Financial Express Online, James C F Huang, Chairman, Taiwan External Trade Development Council highlighted that Taiwan is not just keen to expand trade but is focussing more on supply chain cooperation and looking to partner India in its stride to becoming a key economic power globally.
He highlighted that industrial corporation will be further enhanced because of changes in geopolitics and Taiwan could be an appropriate partner for India, in terms of technology especially as “ I have every confidence that India will be an economic superpower. Yes. geo political superpower in the 21st century, and Taiwan will be your partner. And in that sense, or cooperation of supply chain will be more important.”
Supplychain cooperation is seen as a primary driver bringing out the economic synergies of the island nation with India. The country is actively looking for partnerships in key areas of its expertise. “We can also offer technology and smart solutions cooperation in the area of green energy areas, smart cities, just like the major themes of our exposition this year, we focus on Smart City solutions, smart manufacturing solutions, smart medical solutions, Smart Agriculture, also smart legs. So we are actively looking for partnerships in these areas areas.” Huang added.
Speaking to Financial Express Online, Huang highlighted that the current, “$7.15 billion trade between India-Taiwan is a huge increase compared to previous couple of years. But I think investment and cooperation on supply chain is what’s more crucial. As we all know, because of changes in geopolitics, the global supply chain is undergoing restructuring. And that keeps India a unique position in global supply chain.”
During his recent visit to Mumbai for the Taiwan Expo, a three-day Expo themed on the concept of ‘Explore Taiwan in India’ and which showcase top of the line products across key categories like Smart Manufacturing, Smart City, Smart Medical, Smart Agriculture, Smart Lifestyle and EV, Huang said, “The partnership of Taiwan and India is perfectly positioned to be a future leader in the world’s technology manufacturing industries. Together, Taiwan and India can redefine industry standards, and can be a leading force in the world’s digital future.”