In a bid to expand trade ties with India, Taiwan will host its first-ever promotional event - Taiwan Expo - here next month, according to an announcement by the Taiwan External Trade Development Council (TAITRA), which will also open its Delhi office on the occasion.
TAITRA President and CEO Walter M.S. Yeh told reporters here that Taiwan had earlier not paid much attention to India owing to factors of distance and lack of understanding of Indian society and culture.
However, India's recent economic reforms and its impressive economic growth had made Taiwanese companies understand the importance of India, he said.
"With the opening of our Delhi office, we will also be signing an MoU on trade promotion with Ficci (Federation of Indian Chambers of Commerce and Industry)," he said.
He added that TAITRA had already signed an agreement with the India's Society for Manufacture of Electric Vehicles for enhancing partnership on electric vehicle development.
Noting that Taiwan had contributed in the development of the industrial base of countries like China and Indonesia and that there are over 100,000 companies from his country operating in China, Yeh said that Taiwan seeks to create similar kind of industrial hubs in India, particularly in areas of Taiwanese expertise like petrochemicals, machine tools, green energy and smart cities.
Bilateral trade increased from $1.2 billion in 2000 to $6 billion in 2016 and there are over 100 Taiwanese companies working in different sectors of the Indian economy, he added.
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