Taiwan-based auto parts traders to visit Delhi

To expand cooperation in manufacturing of automobile parts and enhance investment, a delegation of Taiwan-based traders and investors will visit Delhi, said the department of investment services Taiwan.

"In response to Prime Minister Narendra Modi's vision of 'Come and Make in India' inviting manufacturers from across the world to invest in India and help boost India's industrial growth, Taiwanese automobile manufacturers are looking forward to exploring the possibilities of business cooperation for the Taiwanese auto parts and automobile electronics makers in India," Ambassador Chung Kwang Tien, representative of Taipei Economic and Cultural Center in India said.

According to DOIS, from 2010 India became the sixth largest automobile manufacturer, with two-wheelers and three-wheelers crossing more than one crore units being manufactured every year and, therefore, the demand for auto parts is huge.

DOIS further said that there are almost 30 automobile manufacturing companies in the Indian market. The demand for high quality auto parts and auto electronics is increasing day by day and the Taiwanese manufacturing companies would like to contribute with their auto parts and automobile electronics to meet the growing demands of the auto market in India.

Taiwan customs data in 2013, showed that the export of auto parts and automobile electronics was $11.2 billion, out of which only $35 million was exported to India, which occupies only a meager 0.32 percent of the total share which was much lower than the US, Japan, Germany, Korea and mainland China.

Considering the quality of products from Taiwan and the market size in India, the prospect for future cooperation is very promising. India is a potential auto market for the Taiwanese auto part manufacturing companies, added DOIS.