The number of Taiwanese companies attending this year's trade conference grew to 150 from last year's 80. The ITA, India's representative office in Taiwan, has the responsibility to strengthen economic, commercial, scientific, academic and cultural ties between India and Taiwan.
"I am optimistic about the bilateral relationship between our two countries," said Seetharam, explaining that India is an ideal place for Taiwanese companies, large or small, to do business. According to Seetharam, India has an ample, highly skilled and affordable labor force and a business environment that welcomes foreign investment. In addition, as the second most populous nation on earth, India can easily become a growing market for the products and services of many prestigious Taiwanese multinational corporations and other enterprises.
"India strives to be a reliable partner in this bilateral relationship," Seetharam went on. "The management expertise, tenacity and flexibility of Taiwanese companies, coupled with India's professional talents, skilled workers and ready market for innovative products and services, indicate that the bilateral relationship between Taiwan and India would undoubtedly be very promising in the foreseeable future."
"It's not a matter of whether Taiwanese companies will invest in India, but how and when they will do so. It is encouraging to see that Taiwanese businesses are currently exploring many aspects of doing business in India," Seetharam added.
More than 2,000 Indian engineers and professionals working in Taiwan have made great contributions to Taiwan's high-tech industry, said Yu Shyi-kun, chairman of the Taiwan-India Cooperation Council.
While most Taiwanese corporations still consider China their primary investment destination, Yu said that India represents just as many opportunities for Taiwan businesses to expand their global reach.
Economic relations between Taiwan and India have been on the rise since 2006, following the Taiwanese government's efforts to strengthen bilateral economic ties between the two countries, said Vice Economic Minister Hsieh Fa-dah. He added that through January 2007, bilateral trade had risen 112 percent over the same period compared to the previous year.
"We're at the beginning of a very exciting story. India and Taiwan are now more closely intertwined," said Ajay Shankar, India's secretary of Department of Industrial Policy and Promotion.
At the conference, Gopal Srinivasan, director of TVS Electronics Ltd. and chairman of the Confederation of Indian Industries in the province of Tamil Nadu, briefed more than 100 Taiwanese companies on strategies for investing in India and the advantages and prospects for Taiwan-India economic, trade and industrial collaboration.
Key sectors such as information and communication technology, liquid crystal display and semiconductors represent good opportunities for Taiwanese businesses that want to gain a foothold in India, stated Srinivasan. Taiwan's manufacturers of textiles, apparel, leather and footwear should follow their high-tech cousin's lead and help foster a climate of investor confidence, Srinivasan added. Taiwanese companies in the ICT sector have invested more than US$600 million in India while the leather and footwear sector has pumped in more than US$127 million.
Srinivasan encouraged Taiwanese companies to make India an integral part of their human-resources planning and strategies, as India has a large pool of skilled yet affordable talent. Meanwhile, he added, Taiwanese corporations should also focus on India's large domestic market.
"Investing in India makes sense for Taiwanese companies," he stressed, adding that over 69 percent of Taiwanese business respondents to a survey reported that their investment in India had been more profitable than those they made elsewhere in the world.
Write to Liu King-pong at kpliu@mail.gio.gov.tw