At a time when the trade world is grappling with unpredictable global supply chain disruptions, India and Taiwan forging a stronger partnership will shed more light on the asian region.
Speaking at the interactive meeting for the in-bound Taiwan Trade Mission at WTC Mumbai, Edison Hsu, Director, Taipei World Trade Center Liaison Office in Mumbai, emphasized Taiwan’s prowess in hi-tech manufacturing and the potential of India as a reliable supply chain collaborator.
In 2022, bilateral trade between India and Taiwan saw an uplifting 9.8% rise, reaching US$8.45 billion. India’s diversified export basket to Taiwan includes minerals, metals, and chemicals, while Taiwan supplies India with a range of products from electronics to machinery.
As global supply chains navigate the tumultuous waters of the pandemic, geopolitical tensions, and country-specific challenges, Hsu envisions an enhanced economic relationship between India and Taiwan. His call to Indian enterprises to join the Taiwan Expo, slated for October 2023, could further cement bilateral commercial ties.
Collaboratively hosted by the World Trade Center Mumbai and the All India Association of Industries (AIAI), the Taiwan Trade Mission highlighted sectors that resonate with India’s Production Linked Incentives (PLI) schemes. With India’s ambition to make strides in semiconductor manufacturing, Taiwan emerges as a formidable ally.
Vijay Kalantri, Chairman, WTC Mumbai, envisions a leap in the bilateral trade relationship, seeing potential for Taiwan to ascend as India’s 10th largest trading partner in the coming years. He heralds Maharashtra, known for its progressive industrial landscape, as an ideal entry point for Taiwanese firms into the Indian marketplace.
For decades, the bond between India and Taiwan has been nurtured by pioneering organizations like AIAI, which foresaw the potential of a robust business partnership even when the larger industrial community harbored reservations.
The World Trade Center Mumbai, conceptualized by Bharat Ratna Sir Dr. M Visvesvaraya, stands as a testament to India’s vision of global trade integration. Today, as trade landscapes evolve, this India-Taiwan partnership signifies a resilient pivot towards ensuring stable, diversified, and reliable supply chains for a new world order.
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