The target sectors for Taiwanese investment are electric vehicles, petrochemicals, automobile parts & components, and information technology
With an aim to participate and contribute to the Make-in-India, Smart Cities, Digital India, Skill India and Green India initiatives, several Taiwanese companies under the banner of Taiwan External Trade Development Council (TAITRA) are looking to set up their base in India and invest in various sectors including petrochemicals, electric vehicles, food processing, automobile parts and components, machine tools and information technology. This move will be fostering the bilateral trade partnership between the two countries and usher in Taiwanese brands and solutions to the Indian market.
Bullish about the business climate in India post demonetisation and GST rollout, Taiwanese companies feel confident to enter the Indian market. “We are quite excited with the several government policies and projects and are optimistic about becoming India’s best business partner in trade and cultural promotion,” said James CF Huang, chairman, Taitra, adding that Taitra is putting in all efforts to maximise the viable business opportunities in the next two to three years.
Currently, the gross volume of bilateral trade in goods between India and Taiwan stands at $6.3 billion with 27% increase over the previous year. India ranks as the 14th biggest export market for Taiwan. “We are looking to set up a petrochemical park in Gujarat and currently talks are on. We have already shown our manufacturing capabilities in China and South East Asia, and now we want to replicate our success in India,” Huang informs.
Currently, 106 Taiwanese brands and solution companies inclduing well-known names like Foxconn, Maxxis, MediaTek, Transcend, Gigabyte, MSI, Advantech, Edimax are doing business in India. In the past 30 years, Taiwan has helped build the world’s largest manufacturing centres in mainland China and South East Asia. This included more than 100,000 companies in China and over 25,000 companies in South East Asia. “We know there is immense potential for Taiwan-India cooperation, and by working together, we can help create the world’s largest manufacturing centre right here in India,” he said.
Taitra has been working closely with various local and international trade associations such as Federation of Indian Chamber of Commerce & Industry (FICCI), PHD Chamber of Commerce and Industry, Society of Manufacturers of Electric Vehicles (SMEV)and other trade partners associations like Federation of all India IT Associations (FAIITA), TAIT, PCAIT, etc., and encouraging local importers and businessmen to buy components and tools from the Taiwanese market.
The Indian edition of Taiwan Trade Expo will be held in the month of May this year at Pragati Maidan in New Delhi and will showcase Taiwan’s latest technologies, eco-friendly products besides offering a platform to boost ties in cultural, tourism and educational fields between the two countries.
“The prime objective of the Taiwan Expo is to create a platform to encourage cooperation between different industrial verticals leveraging on Taiwan’s advanced technology and industry experience. Trade between the two sides increased from $1.2 billion in 2000 to $6 billion in 2016 and there are nearly 90 Taiwanese companies working in different sectors of the Indian economy,” said Walter MS Yeh, president and CEO of TAITRA, who also stressed that there is a scope to create synergies between India’s ‘Act East policy’ and Taiwan’s ‘Southbound policy’.