Taiwan and India concluded a memorandum of understanding on industrial collaboration Dec. 14 in New Delhi, underscoring the two sides’ commitment to strengthening trade and investment ties, according to the Ministry of Foreign Affairs.
Under the pact signed by Tien Chung-kwang, representative of Taipei Economic and Cultural Center in India, and Sridharan Madhusudhanan, director of India-Taipei Association, the two countries will institutionalize cooperation in such areas as design and engineering, product manufacturing, R&D and after-sales service.
Expanded collaboration is expected to create synergies and enhance the value of goods and services produced by Taiwan and Indian companies, the TECC said, adding that the two sides have also agreed to promote exchanges on trade regulations and policies and explore the possibility of jointly setting up business parks to serve as platforms for industrial cluster development.
According to the MOFA, Taiwan and India enjoy a close and friendly relationship, with ties going from strength to strength under the New Southbound Policy. Since the launch of the initiative in May 2016, Taipei and New Delhi have inked four cooperation agreements in agriculture, aviation services, mutual recognition of authorized economic operators and railway heritage.
A key component of President Tsai Ing-wen’s national development strategy, the policy seeks to deepen Taiwan’s agricultural, business, cultural, education, tourism and trade ties with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.
The pact follows the signing of 21 agreements between major businesses and associations from the two countries at the Taiwan-India Industrial Collaboration Summit staged Oct. 12 in Taipei, the TECC said, adding that the latest accord will be instrumental in helping Taiwan firms tap the growing Indian market and create new business opportunities.
Official statistics show that trade between Taiwan and India surged 40 percent in the first nine months of 2017 to US$4.7 billion. More than 100 Taiwan firms have invested a total of US$1.5 billion in the South Asian country, primarily in sectors spanning auto components and parts, chemicals, engineering, financial services, footwear, information and communication technology, and maritime transportation services. (SFC-E)
Write to Taiwan Today at ttonline@mofa.gov.tw