The Taiwan External Trade Development Council (TAITRA) launched the India Center April 26 in Taipei City at a ceremony attended by India-Taipei Association Director-General Sridharan Madhusudhanan and council Chairman James C. F. Huang, who called on local firms to recognize the extraordinary business opportunities to be found in the South Asian nation.
The center was established as part of government efforts to aid local businesses in exploring opportunities in the Indian market, according to TAITRA.
Working in cooperation with the council’s offices in Chennai, Kolkata and Mumbai, the center provides market knowledge and assistance to local companies that want to enter or expand operations in India, TAITRA said. It offers advice on industrial trade and investment as well as assistance in establishing connections and acquiring certifications, the council added.
In collaboration with several India-based research institutes, the center’s research department will conduct studies on the South Asian nation’s market trends, industries, policies, consumer behaviors, society and culture. According to TAITRA, the center further serves as a match-making and information sharing platform for Taiwan companies and their Indian counterparts.
Chairman Huang said that India, as the largest and the fastest growing economy in South Asia, holds immense potential for Taiwan firms seeking to expand their markets. Taiwan’s investment in and exports to India have been underperforming for some time, which is why the council prioritizes India when crafting strategies in line with New Southbound Policy, he added.
TAITRA stressed that India is home to 1.3 billion people, or twice the combined population of all Association of Southeast Asian Nations member states. The International Monetary Fund forecasts India’s annual economic growth for 2017-2018 will increase 7.2 percent, leading ASEAN nations and mainland China.
The government’s New Southbound Policy, a central plank of President Tsai Ing-wen’s national development strategy, seeks to deepen agricultural, business, cultural, education, trade and tourism links with the 10 ASEAN member states, six South Asian countries, as well as Australia and New Zealand. (CPY-E)
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