• Mon. Jul 22nd, 2024

Collaborative initiatives with Taiwan will assist India in boosting its domestic economic growth

ByTheCurrentScenario

Jun 27, 2024
Collaborative initiatives with Taiwan will assist India in boosting its domestic economic growthCollaborative initiatives with Taiwan will help India boost its domestic economic growth, fostering innovation and strengthening bilateral ties.

Mahesh Dhoundiyal | New Delhi, June 27, 2024

In recent years, a bilateral collaboration between Taiwan and Idia has Boost India’s Economy growth and helped both countries be attractive destinations for investment and development. The Taiwan Expo is one of the key initiatives that play an important role in creating a platform that facilitates bilateral trade relations between the two countries.

Due to India becoming a regional manufacturing hub, the effectiveness of supply chain relocation to this area is significant. From January to May 2024, the highest export from Taiwan to India was in chips, amounting to $1.18 billion, a growth rate of 49.4%, accounting for more than 36% of Taiwan’s total exports to India ($3.23 billion). During the same period, Taiwan’s global export growth rate increased by 9.1% compared to the previous year, while exports to India surged against the trend (+28.1%) with double-digit growth.

This year, the much-awaited 7th edition of the Taiwan Expo 2024, organized by the International Trade Administration, Ministry of Economic Affairs (TITA) and the Taiwan External Trade Development Council (TAITRA), is scheduled to take place from July 8 – 10, 2024, at Bharat Mandapam (Pragati Maidan) (Hall No. 2). After a five-year hiatus, this highly anticipated event marks its grand return, drawing significant attention from both Taiwanese and Indian stakeholders.

The pre-expo press conference attracted nearly 50 media outlets and included distinguished guests such as Mr. Gaurav Vats, Director East Asia, North America, Federation of Indian Chambers of Commerce & Industry (FICCI), Mr. Rajoo Goel, Secretary-General, Electronic Industries Association of India (ELCINA), and Mr. Rakesh Chandra Sharma, I.A.S. General Manager (BDD), India Trade Promotion Organisation (ITPO). Ms. CHEN Yu-Chi, Executive Director, Economic Division, TECC, also participated, making the event a bustling hub of international interaction.

India-boost-its-domestic-economic-growth-1-1024x683 Collaborative initiatives with Taiwan will assist India in boosting its domestic economic growth

India, the world’s fifth-largest economy and most populous country boasts a vast consumer market and abundant workforce. Initiatives like ‘Make in India’ ‘Digital India’ ‘Green India’ and ‘Smart City’ have stimulated many growth opportunities in the domestic market. Along with supply chain shifts, have positioned India as a Regional Manufacturing Hub. Reflecting these trends, the Taiwan Expo 2024 will focus on five key themes: Smart Lifestyle, Smart City, Smart Manufacturing, Green Innovations, and Wellness Fiesta, showcase Taiwan’s latest technologies and solutions, offering exhibitors and visitors a closer look and deeper experiential interaction with the diverse product portfolio.

Mr. Keven Cheng, Deputy Executive Director, TAITRA highlighted that “From January to May 2024, the total trade volume between Taiwan and India grew by 25.8% compared to the same period last year, making India our 14th largest trade partner. This significant growth underscores the immense potential for Taiwan-India economic cooperation, particularly in electronics manufacturing, smart cities, and ICT sectors. The Taiwan Expo aims to further consolidate and grow business opportunities by showcasing the latest products and solutions curated based on the most recent government policies, local market demands, and consumption trends. We hope to continue to build the best stage that promotes bilateral trade relations between both countries”.

The press conference featured a sneak preview of products from selected exhibitors, offering an exclusive pre-exhibition display. Highlighted products included Gigabyte Technology’s latest AI gaming laptops, MSI’s cutting-edge AI gaming laptops, and AVer Information’s flagship camera VB350. Also showcased were Ares Monitor Arm by Modernsolid Industrial, professional medical-grade support products by Grace Care International, protein hair creams by SHAAN HONQ, and a variety of health-conscious foods and beverages by TSAN YU YEN Food and Shian Yuan International. These showcases highlighted Taiwan’s excellence across AI, healthcare, beauty, and food industries.

Taiwan Expo in India 2024 will feature over 120 companies showcasing more than 1000 products from Taiwan. Notably, the two major associations in Taiwan, the Taipei Computer Association (TCA) and the Taiwan Textile Federation (TTF), and the New Taipei City Government, the most populous city in Taiwan and home to the highest number of registered companies, is set to participate in the Taiwan Expo. Indian attendees will have an excellent opportunity to explore and connect with Taiwan’s diverse range of offerings at the expo.

About Taiwan Expo:

Since 2017, TAIWAN EXPO has emerged as a leading platform for Taiwanese businesses to explore new opportunities, exchange ideas, and forge partnerships in ASEAN. With its notable success, TAIWAN EXPO has been held 32 times, spanning 13 cities in 8 countries, including India, Thailand, Indonesia, the Philippines, Vietnam, Malaysia, USA, and Japan.

About TAITRA:

Founded in 1970, TAITRA is Taiwan’s foremost nonprofit trade promoting organization. Sponsored by the government and industry organizations, TAITRA assists enterprises to expand their global reach.

Headquartered in Taipei, TAITRA has a team of 1,300 specialists and operates 5 local offices as well as 62 branches worldwide. Together with Taipei World Trade Center (TWTC) and Taiwan Trade Center (TTC), TAITRA has formed a global network dedicated to promoting world trade. TAITRA’s five local branch offices in Taoyuan, Hsinchu, Taichung, Tainan, and Kaohsiung provide services to companies outside metropolitan Taipei. Through these domestic offices, TAITRA can maintain close contact and interaction with local companies in their respective areas and provide direct and substantial services in areas such as feature trade promotion, business information, market seminars, on-the-job training, procurement meetings, meeting room rental, etc. Branch offices play vital roles in Taiwan Trade Shows coordination between Taipei headquarters and local companies, and invite buyers to visit local industries.

For Media Queries:

  • Team Infinity AN-PR
  • +91 8447085340
  • infinityanpr@hotmail.com

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