New Delhi: From building an exclusive township to setting up a massive semiconductor facility, Taiwan is looking to substantially increase its footprint in India even as ties between New Delhi and Beijing remain tense.
These issues were discussed during the ongoing visit of Taiwan’s deputy minister of economic affairs Chern-Chyi Chen to India. The annual meeting is hosted alternately by the two countries.
“India can be the best production place for us. India’s policy of Make-in-India is fully in line with my government’s policy … Our companies will rely on horizontal collaborations [with Indian companies],” the minister said Thursday during an event jointly organised by the Chinese National Federation of Industries and its Indian counterpart FICCI.
“We work with local partners …We are heavily dependent on the Indian government to help us invest here,” he said, adding that India will be given priority in Taiwan’s ‘New Southbound Policy’.
India and Taiwan will soon see the fruition of a free trade pact, the minister said.
According to Baushuan Ger, Representative, Taipei Economic and Cultural Centre in India, Taiwan is planning to set up a ‘Taiwan Township’ in the Delhi-NCR in order to deeply integrate with the Indian market. The township is likely to come up in Noida, located in the outskirts of the capital.
Trade between the two countries reached $7.7 billion in 2021, a 64 per cent rise from 2020, Ger said. “In view of the new momentum in Taiwan-India economic relations in the post pandemic era, it is imperative that both sides conclude an economic cooperation agreement as early as possible to turbo-charge our two-way trade and investments,” Ger added.
He stressed that as the global pandemic and the Russia-Ukraine war has disrupted and threatened the security of supply chains, it is important that both sides “double down” efforts in forging stable economic relations that will also create a peaceful Indo-Pacific region.
Ger also said Taiwan’s semiconductor industry will partner increasingly with India and take the businesses to the next level.
India to provide ‘biggest opportunity’ to Taiwan
India, which follows the ‘One-China’ policy, said it will do whatever is needed to facilitate investments coming from Taiwan and to bring “the country under Taiwan’s radar”.
“There are great opportunities ahead of India and Taiwan. I think the digital transformation that is happening around the world makes it extremely imperative that both of us find new ways of working together … It is time for us to actually unleash our true potential,” Gourangalal Das, Director General, India Taipei Association (ITA), said.
“The nature of geopolitics itself is undergoing big transformation and here the Taiwanese industries who are extremely outward oriented and have established their presence throughout the world but I must recognise that India has been somewhat absent from their radar and this is the time when the nature of geopolitics, geopolitical changes and the nature of supply-chain realignment is happening makes it imperative for Taiwan to look at India with fresh eyes [sic].”
India will provide the “biggest opportunity for expansion” in the next few decades for Taiwanese industries ranging from electronics, automotive engineering and green technologies among others, he added.
(Edited by Tony Rai)