The occasion saw James C. F. Huang, Chairman, TWTC; Chung-Kwang Tien, Taipei Economic and Cultural Center in India; Harish Meena, Member of Parliament; Deepak Kumar, IAS, Executive Director, ITPO; and Ambika Sharma, Director General, FICCI in presence of other dignitaries and corporates, coming together to notify the MOUs signing for promoting bilateral trade between India and Taiwan.
Started in 1970 by Taiwan's foremost trade promotion organization, the Taiwan External Trade Development Council (TAITRA), also known as Taipei World Trade Centre provides a single, modern venue that combines consulting service on trade-related issues, trading partners, suppliers, and markets for international business.
The launch marks the start of a new chapter in India-Taiwanese business relation with leading Indian organizations such as Federation of Indian Chamber of Commerce and Industry (FICCI), PHD Chamber of Commerce and Industry, Society of Manufactures of Electric Vehicles (SMEV) and World Trade Center, Mumbai among the corporates, signing MOUs for greater trade collaboration to enhance India-Taiwanese partnership in the field of exhibitions, electric vehicles, smart city and petrochemicals.
Highlights of the MoU
With World Trade Center Mumbai TWTC plans to launch Mandarin project in India, the project defined by Taiwan Government to propel Taiwanese language across various countries. The objective is to strengthen trade relations with India by promoting smooth cooperation and long term partnerships to excel trade.
Society of Manufacturers of Electric Vehicle (SMEV) represents Indian EV manufacturers, the organization that works closely with the central and state governments and assists them in formulating policies and processes to support the EV ecosystem in India. Under the MoU, TAITRA joins hands with SMEV to enhance cooperation between Taiwan and India's Electric Vehicle industries with various initiatives to come this year such as Taiwan Expo 2018
With FICCI, PHD Chamber of Commerce and Industry, and Communication Multimedia and Infrastructure (CMAI) association of India, TAITRA aims at propelling the overall trade with a series of collaborative initiatives via exhibitions and the cooperation between India and Taiwan's small and medium-sized enterprises.
Here, we are incredible honored to have New Delhi as the home of our fourth Indian office. India, alongside the U.S. and China, are the only 3 countries in the world where we have 4 or more offices. For Taiwan, India is a very important economic partner and friend, and the opening of our New Delhi office is a key part of our commitment to building a strong and powerful economic future with all of our Indian partners and friends.
The newly opened TWTC New Delhi office key plan includes: providing trade related information to both Indian and Taiwanese companies, consulting service for trade/investment, holding trade promotion activities and Taiwan industry enhancement projects, inviting Indian businessmen to Taiwan for Indian industrial development needs, assisting Taiwanese businesses to invest in India and working closely with local governments and trade promotion organizations.
Presently the gross volume of the bilateral trade in goods between India and Taiwan stands at 6.3 billion US dollars with 27 percent increase over the previous year and India ranks as the 14th export country for Taiwan. The target sectors for Taiwan to penetrate Indian markets would be electric vehicles, petrochemical, automobile parts and components, screw and nuts, green energy, water treatment, textile and etc.
Chairman, Honorable James C. F. Huang said, "We are glad to announce that TWTC will hold a series of expositions this year. The upcoming event is "Taiwan Expo in India" to be held on May 17th-19th with the participation of around 130 Taiwanese companies from ICT, EV, auto parts and components, machine tool etc."
Currently there are 106 Taiwanese entrepreneurs managing 106 companies in India operating in ICT, shipping, footwear, auto ancillary and the investments major in the areas of, EV, petrochemical and automobile ancillary services are expected. In the past 30 years, Taiwan has helped build the world's largest manufacturing centers in mainland China and Southeast Asia. This included more than 100,000 companies in China and over 25,000 companies in Southeast Asia. We know there is immense potential for Taiwan-India cooperation, and by working together, we can help create the world's largest manufacturing center right here in India. (NewsVoir)