TAIPEI (CNA) — The government-sponsored trade promotion group Taiwan External Trade Development Council (TAITRA) said on Jan. 15 it expects enterprises from Taiwan and India to sign deals later this month worth about US$100 million.
On the sidelines of a Taiwan-India economic forum in Taiwan, TAITRA Chairman James Huang (黃志芳) told the press that TAITRA will send a delegation made up of more than 30 Taiwanese firms to the Vibrant Gujarat Global Summit 2019 held from Jan. 18-20.
Huang, who will lead the Taiwan delegation which departs for the summit Wednesday, said electronics makers and other manufacturers in Taiwan, including electric car-related firms, will attend the event, making it the largest ever trade promotion delegation organized by TAITRA for the Gujarat summit.
Gujarat, in western India, is the home town of Prime Minister Narendra Modi, and the summit has evolved into one of the most important events in the South Asian country for brainstorming on global socio-economic development. In addition, the summit serves as a channel for knowledge sharing and establishing partnerships for those attending.
According to TAITRA, Modi, other high-ranking economic officials from around the world and executives from multinational enterprises are expected to be at the summit, making the event an ideal venue to seek out new business opportunities.
In his address to Tuesday’s economic forum, Huang said after years of exchanges, bilateral trade and investment between Taiwan and India have grown significantly, citing aggregate investments by Taiwan of more than US$600 million in India to date.
The closer business ties between the two countries are an indication that the government’s New Southbound Policy is paying dividends, he said.
The New Southbound Policy was launched by the Democratic Progressive Party government after President Tsai Ing-wen (蔡英文) took office in May 2016, to promote better relations with members of the Association of Southeast Asian Nations (ASEAN), including Indonesia, and South Asian countries, like India, as well as New Zealand and Australia.
At the forum, Sridharan Madhusudhanan, Director General of the India-Taipei Association, said the two sides have signed seven economic cooperation agreements over the past 18 months and he believes bilateral trade is poised to increase significantly in the future.
According to the director, bilateral trade between Taiwan and India hit US$7 billion in 2018.
By Liao Yu-yang and Frances Huang