Mumbai (Maharashtra) [India], May 8 : World Trade Center Mumbai and All India Association of Industries (AIAI) jointly organised an interactive meeting with a high level business delegation from Taiwan to discuss the emerging opportunities for bilateral economic cooperation.
The business delegation was led by Peter Huang, Specialist of South Asia section, Market Development Department, Taiwan External Trade Development Council.
Speaking on the occasion, Huang said India is a friendly and hospitable country for Taiwanese industry.
"Taiwan is looking seriously to enhance trade and investment relations with India. Our commercial relation is growing from strength to strength and this is our 15th business delegation to India," Huang said, as per a release from the WTC Mumbai.
"India is still an untapped market for Taiwanese firms and there is huge trade and investment potential in India, especially in electronics, auto-components, machineries, food processing, medical devices and other sectors."
India-Taiwan economic partnership is growing significantly in recent years.
Taiwan has considered India as a critical partner under its 'New Southbound Policy' and both the countries have also signed migration agreement to allow Indian workers to be employed in Taiwanese industries.
Vijay Kalantri, Chairman, WTC Mumbai remarked that India-Taiwan economic relation is at an inflection point.
"For the first time, India conferred Padma Bhushan award to CEO of Foxconn, Mr. Young Liu, which is testimony to the strengthening of our bond. Taipei Economic and Cultural Center (TECC) is also planning to set up third office in India, which signals its commitment to grow bilateral economic relations," Kalantri added.
Kalantri emphasized that both the countries should grow bilateral trade to USD 25 billion, from the current level of USD 8 trillion through partnership in investment and technology cooperation.
Kalantri suggested Taiwanese companies to invest in India and also increase import from India to balance bilateral trade, which is skewed in favour of Taiwan.
Of the USD 8 billion bilateral trade, Taiwan exports USD 6 billion and imports hardly USD 2 billion from India.
"WTC Mumbai and AIAI have led several trade delegations to Taiwan with focus on agriculture, water, electronics, and other sectors. In future, we are committed to facilitate our commercial partnerships in electronics, shipbuilding, and other sectors of mutual interests," Kalantri added.
Kalantri also suggested strengthening people-to-people contact by increasing flight connectivity as there are hardly two direct flights per week between both the countries.
The Taiwanese business delegation represented sectors such as auto-components, medical devices, electronics, industrial machineries, processed food, printed circuit boards, steel, laundry equipments and others.