“I am optimistic about the outlook for India-Taiwan economic relation. The recent investment by Taiwanese companies in India is just the beginning for bilateral trade and investment flows. As supply chain between India and Taiwan gets robust, more and more Taiwanese companies would be eager to setup their manufacturing plants in India,” said Ms. Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center – India, at an interactive meeting held at WTC Mumbai. This meeting was held on the sidelines of the Taiwan Expo 2022 being organised by Taipei World Trade Center in WTC Mumbai.
Ms. Chen highlighted language and cultural barrier as the biggest challenges for India-Taiwan trade and investment relationship. She remarked: “In recent years, we have seen many collaboration between Taiwanese companies and Indian start-ups in different technological sectors like semi-conductors and aerospace. However, language and cultural barriers are hampering effective communication. Trade support institution like WTC Mumbai can help us bridge the language gap.”
Earlier in his welcome remarks, Dr. Vijay Kalantri, President – All India Association of Industries (AIAI), and Chairman – MVIRDC WTC Mumbai, pointed out: “India and Taiwan share common values of democracy and rule of law. To address language and cultural barriers, we need to set up language training institutes. Both the countries can collaborate in joint manufacturing of semiconductors, electronic white goods, personal computers, laptops. Taiwan can help India diversify its source of imports to make its supply chain resilient. Both the countries can have a scheduled investment plan by initially focusing on 10 sectors to gradually scale up two-way commercial relations.”
Currently, Taiwan is the 32nd largest trade partner of India with two-way trade of USD 8.9 billion as of 2021-22. Taiwan exports USD 6.2 billion worth of goods to India, while it imports USD 2.7 billion worth goods from India.
Speaking on this occasion, Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai, suggested that WTC Mumbai can facilitate a trade delegation from India to Taiwan to explore untapped business potential between both the countries. He also invited Taiwanese companies to participate in the flagship program of WTC Mumbai, Connect India International Trade Show 2022.
Capt. Batra also emphasised on the need to organise a meeting among WTCs in the Asia Pacific region to discuss emerging trade and investment opportunities among entrepreneurs in the region.
The event was attended by Mr. Edison Hsu, Director, Taipei World Trade Center, Liaison Office in Mumbai, and other officials from the Liaison Office.
Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai, proposed vote of thanks for the event. Ms. Naik recommended that India and Taiwan can work together to jointly organise trade shows and exhibitions to promote local brands in each other’s market.