India and Taiwan are enhancing their trade relation, with ambitions for bilateral trade to hit $25 billion, spurred by robust investments and strategic technology exchanges.
Peter Huang from the Taiwan External Trade Development Council spotlighted India’s substantial market opportunities during a pivotal business delegation visit. Target sectors include electronics, auto components, machinery, food processing, and medical devices.
“Our commercial relation is growing from strength to strength. India is a friendly and hospitable country for Taiwanese industry,” Huang stated, marking the delegation’s 15th visit.
Vijay Kalantri, Chairman of MVIRDC World Trade Center Mumbai, described the current phase of economic interactions between India and Taiwan as transformative. The recent Padma Bhushan award to Foxconn CEO Young Liu exemplifies the growing bonds.
The Taipei Economic and Cultural Centre (TECC) plans to open a third office in India, signaling expanding diplomatic and economic connections.
Presently, bilateral trade is valued at $8 billion—Taiwan exports to India constitute $6 billion, contrasting with India’s exports at $2 billion.
Leaders from both nations urge a strategic escalation of bilateral trade to $25 billion, focusing on investment and technology collaboration.
Under Taiwan’s ‘New Southbound Policy,’ India is deemed a pivotal ally. Recent migration agreements facilitate the employment of Indian workers in Taiwanese industries, heralding a progressive era in their economic alliance.
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