In the corporate realm, there are increasing synergies between India and Taiwan. India is Taiwan’s 17th-largest trading partner and its 14th-largest export market, according to the official figures of the Taiwanese government.
According to Taiwan’s Bureau of Foreign Trade, and Ministry of Economic Affairs, India is “certainly an important partner country under Taiwan’s New Southbound Policy.
Ms. Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Centre-India said that there are more than 250 Taiwanese companies already in India, that have made a combined investment of around US$ 4 billion (Rs. 32,988 crore) in the country”.
It is worth noting that bilateral commerce between India and Taiwan was US$ 8.45 billion (Rs. 69,687 crore) in 2022, reflecting a 9.8% rise over 2021. India exported US$ 3.14 billion (Rs. 25,896 crore) to Taiwan.
This primarily consists of mineral fuels, aluminium, iron, steel, organic chemicals, and plastics, while Taiwan’s exports to India totalled US$ 5.31 billion (Rs. 43,792 crore), primarily consisting of plastics, electronic integrated circuits, organic chemicals, electrical machinery, iron, and steel. India’s ambitious electrification plan has increased business potential for the island nation here in the subcontinent.
“Not just Foxconn, but a lot of Taiwanese electric vehicle component companies are interested in India,” Ms. Chen says. Her confidence is mostly based on the rise in the number and interest of Taiwanese businesses investigating their strategic growth in the Indian market.
According to Ms. Chen, the Indian economy is continuing to outperform many other economies, which is another fuel for growth. “Prime Minister Mr. Narendra Modi had announced that by 2030, India will be the third largest economy in the world, and just last year he said that feat will be achieved by 2028.
She claims that Taiwanese firms are strong in the information and communications technology (ICT) business, 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 Ms. Chen.
