Mumbai: In a significant development for economic relations between India and Taiwan, a high-level delegation led by industry leaders has projected that the trade volume between the two nations could soar to $25 billion. This ambitious target is expected to be achieved through strategic investments and sharing of cutting-edge technologies.
Leading the delegation, Peter Huang of the Taiwan External Trade Development Council’s South Asia section, praised India for its welcoming stance towards Taiwanese businesses. “Our commercial relation is growing from strength to strength and this is our 15th business delegation to India,” Huang stated. He underscored India’s appeal as a largely untapped market brimming with opportunities, especially in sectors like electronics, auto-components, machinery, food processing, and medical devices.
Taiwan has bolstered its ties with India as a part of its ‘New Southbound Policy,’ with both countries having inked migration agreements, facilitating the employment of Indian workers in Taiwanese enterprises. This policy initiative signifies Taiwan’s commitment to deepening its interaction with India and other countries in the region.
Vijay Kalantri, Chairman of the MVIRDC World Trade Center Mumbai, remarked that the economic partnership between India and Taiwan is at a crucial juncture. Highlighting the deepening ties, he pointed to the conferment of the prestigious Padma Bhushan award upon Young Liu, CEO of the tech giant Foxconn, indicative of India’s recognition of the strengthening relations.
As part of its plans to fortify its presence in India, the Taipei Economic and Cultural Centre (TECC) has proposed the establishment of a third office, augmenting the bilateral relationship framework.
The shared aspiration among industry visionaries is to raise the bilateral trade from the current $8 billion to a robust $25 billion through enhanced partnership in investment and a concerted effort toward technological cooperation. Taiwan’s present exports to India account for a significant $6 billion, while imports from India remain at a modest $2 billion.
“In future, we are committed to facilitating our commercial partnerships in electronics, shipbuilding, and other sectors of mutual interests,” Kalantri asserted, underpinning the potential for diversified and mutually beneficial economic engagements.
The collaborative outlook is particularly resonant at a time when both nations seek to diversify their trade and investment portfolios in the face of an evolving global economic landscape. India’s expansive market and manufacturing capabilities, when synergized with Taiwan’s technological prowess and innovation, could engender a dynamic economic alliance with far-reaching implications.
Furthermore, this partnership stands to bolster job creation, enhance skill development, and accelerate industrial growth in both economies — fundamental elements in the drive towards shared prosperity.
This anticipated growth in bilateral trade is also seen as an essential step for India in its pursuit of becoming a global manufacturing hub through initiatives like ‘Make in India’. For Taiwan, it represents an expansion beyond its traditional partners and an embrace of emerging markets, especially in South Asia.
Revitalization of this economic corridor would not be solely confined to commercial transactions but is expected to extend to socio-cultural exchanges, given the establishment of additional TECC offices in India. This intercontinental melding presents both an opportunity for economic growth and an avenue to enhance mutual understanding and cooperation on wider international platforms.
In summary, as two vibrant democracies in Asia, India and Taiwan are moving towards realizing a robust economic partnership that recognizes and leverages their complementary strengths. Such an alliance could serve as a model for inter-regional cooperation, presenting a case for the optimistic prospect of sustained growth and partnership between economies of varying scales and scopes. The pursuit of the $25 billion trade target is not just a numeral aspiration but a testament to the deepening resolve to collaboratively tap into the reservoir of economic and technological potential that both India and Taiwan unequivocally possess.
