NEW DELHI–Taiwan and India have signed two memorandums of understanding (MOUs) on bilateral cooperation related to small- and medium-sized enterprises and information and communication technology, in New Delhi.
The two agreements were signed at a meeting Thursday headed by Taiwan’s Vice Economics Minister Shen Jong-chin and Amitabh Kant, secretary of India’s Department of Industrial Policy & Promotion (DIPP).
In response to Indian Prime Minister Narendra Modi’s “Make in India” plan to encourage more countries to invest in India’s manufacturing sector, India hopes Taiwanese companies can help it build up its manufacturing sector, duplicating their experience in mainland China.
With the inking of the two MOUs, Shen said he hoped it would help the development of small- and medium-sized enterprises in the two countries.
The agreement on information and communication technology aims at building cooperation between the two countries in this field, including the construction of smart cities.
During the meeting, the two sides also touched on issues of India helping Taiwan build an industrial park for Taiwanese companies in the South Asia country and a possibility that the two countries will sign an agreement on investment protection.
Shen said that more Taiwanese companies would be willing to invest in India if there is an industrial park set up for them there and if there is a guarantee that their investments will be protected.
Some Taiwanese companies are already showing increased interest in investing in India.
In August, the Taiwan Electrical and Electronic Manufacturers’ Association signed an MOU with the Uttar Pradesh Development Systems Corporation Ltd., under which it will invest US$200 million to develop an electronics manufacturing cluster in Greater Noida, a district of the northern Indian state of Uttar Pradesh.