It is interesting to note that the bilateral trade between India and Taiwan totaled $8.45 billion (Rs 69,687 crore) in 2022, representing an increase of 9.8% over 2021.

India and Taiwan are seeing growing synergies in the world of business. In fact, according to the Taiwan government’s official data, India is its 17th largest trading partner and 14th largest export destination. The Bureau of Foreign Trade, Ministry of Economic Affairs, Taiwan says that India is “definitely an important partner country under Taiwan’s New Southbound Policy”.

Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center- India, spoke to Financial Express Online, on the sidelines of the Taiwan Excellence program in Mumbai, that “there are more than 250 Taiwanese companies already in India, who have made a combined investment of around $4 billion (Rs 32,988 crore) in the country.”

It is interesting to note that the bilateral trade between India and Taiwan totaled $8.45 billion (Rs 69,687 crore) in 2022, representing an increase of 9.8% over 2021. India’s exports to Taiwan amounted to $3.14 billion (Rs 25,896 crore). This primarily comprises mineral fuels, aluminum, iron, steel, organic chemicals, and plastics while Taiwan’s exports to India amounted to $5.31 billion (Rs 43,792 crore), consisting mainly of primarily of plastics, electronic integrated circuits, organic chemicals, electrical machinery, iron, and steel.

Electrifying the Indian auto industry

India’s ambitious electrification plan has given a further boost to business opportunities for the island nation, here in the sub-continent. “Not just Foxconn, a lot of Taiwanese electric vehicle component companies are interested in India,” adds Chen. Her confidence is primarily based on the increase in the number and interest of Taiwanese companies who are exploring their strategic expansion in the Indian market.

The Indian economy is continuing to outperform many other economies and this according to Chen is another catalyst for growth, “Prime Minister Narendra Modi had announced that by 2030 India will be the third largest economy globally and just last year he said that feat will be achieved by 2028. Two years faster than the earlier anticipated. I think through the growth of Indian economy, their are many more companies who are focusing on the Indian market.”

She says that Taiwanese companies have strength in ICT (information and communications technology) industry, heavy machinery, semiconductors and automation. “Most of these solutions are industry agnostic. I think that’s the future no matter which industry it can be applied to. It is not going to be limited to semiconductors, there will be a need to introduce automation solutions not only for increasing production but also the quality which is essential for the development of India,” concludes an optimistic Chen.

https://www.financialexpress.com/business/industry/taiwan-sees-india-asnbspnext-growth-frontier-over-250-taiwanese-companies-invest-4-billion-in-india/3221889/