“Taiwanese companies are seriously looking India as a promising alternative investment destination to relocate their operation from China amidst the ongoing USA-China semiconductor trade sanction. Specifically, Taiwanese companies engaged in semiconductor, printed circuit boards, renewable energy storage solutions, waste water treatment and other sectors are looking for investment opportunities in Maharashtra,” said Ms. Jennifer Makhecha, Chairperson, Taiwan Chamber of Commerce, Mumbai, at an interactive meeting at WTC Mumbai. The event was jointly organized by All India Association of Industries (AIAI) and MVIRDC WTC Mumbai.

Ms. Makhecha led a 18-member trade delegation representing from Taiwan representing renewable energy storage solutions, electrical and electronic components, semiconductors, printed circuit board manufacturing, waste water management, shipping and logistics services, industrial training and other sectors. Ms. Phoebe Chen, Division Director, Foreign Affairs and Trade Division, Chinese National Federation of Industries, the largest and the most influential industry body in Taiwan was a key member of the delegation.

Speaking on this occasion, Dr. Vijay Kalantri, President – All India Association of Industries (AIAI), and Chairman – MVIRDC WTC Mumbai, remarked: “There is huge scope for collaboration between India and Taiwan in semiconductors, new age electric batteries, renewable energy and other emerging sectors. The next decade will be the decade of India as Government of India has announced various ambitious policies to attract foreign investors. Government of India provides viability gap funding for projects in renewable energy sector to compensate for the losses of investors.”

Today, Taiwan is the 32nd largest trade partner of India and bilateral trade volume is hardly USD 8.2 billion, which belies the true potential. Both the countries can enhance this trade volume, if we explore untapped business potential in electronics, green energy and other emerging sectors, Dr. Kalantri added.

In her remarks, Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai, suggested the Taiwanese delegation members to explore Indian market by registering on the Connect India International Trade Show 2022.

Connect India 2022 is the latest digital initiative of WTC Mumbai to facilitate MSMEs to “Connect Virtually and Trade Globally”. This digital platform enables Indian and foreign exhibitors from more than 10 participating countries to display their products and services online and enhance their global visibility at minimal cost.

During the event AIAI and WTC Mumbai signed Memoranda of Understanding with Taiwan Chamber of Commerce Mumbai to promote bilateral trade, investment, technology exchange and other forms of partnerships.

Mr. Ajoykaant Ruia, Vice Chairman, MVIRDC WTC Mumbai, proposed vote of thanks for the event.