Diplomacyindia.com

Taiwan eyeing six percent trade growth with India, bullish on Modi

Taiwan eyeing six percent trade growth with India, bullish on Modi
October 26
13:37 2014

Taipei, Oct 26 Bullish on Prime Minister Narendra Modi, Taiwan, which has no diplomatic ties with India, is pitching for duty concessions from India as the island nation aims to boost bilateral trade with a six percent growth by 2015.

“We are targeting a five to six percent growth in trade with India by next year. We are very keen on boosting trade links with India,” Jen-Ni Yang , director general of Taiwan’s Bureau of Foreign Trade, told IANS in this capital city of the east Asian island nation which has only representative status in India as New Delhi officially recognises only the People’s Republic of China (Beijing) as part of its ‘One China” policy.

Yang said Taiwan wants close ties with BRICS – where India, an emerging market, is an important partner. “South Asia, especially India, is very very important to us.”

“The new Indian prime minister seems to be business friendly. He wants India to be a manufacturing hub. Our officers have made multiple trips to India in recent times,” Yang added.

Modi has been exhorting global companies to invest in India and make the country a global manufacturing hub. He launched the ‘Make in India’ campaign September 25, promising easy and effective governance to enable ease of doing business.

Taiwan, officially called the Republic of China and which is a democracy unlike mainland China, is an export-oriented island economy where foreign trade has played a vital role in economic development over the years. Exports alone have accounted for 70 percent of Taiwan’s GDP in recent years.

Yang saw huge trade potential in the food processing sector and also scope for cooperation between academic institutes of the two countries.”We need concessions. We are paying higher rates of taxes than others for our exports. On the other hand, India has an agreement with China and Korea granting them concessions,” he said.

Echoing Yang, the head of Taiwan’s largest private think tank said India’s huge young population and middle income group has made the country a very important market.

“India is a huge market. It is a young country. It has a large middle income group. There is scope for cooperation in the fields of information technology and science,” Taiwan Institute of Economic Research (TIER) president David S. Hong told IANS, praising India’s programme in micro-enterprises and micro-finance.

A key area for trade is IT. “In the past, we emphasised too much on hardware. So we are good at hardware manufacturing. But we are short on the service part. We need to improve on this. But you (India) are very strong on software,” Hong said.

Taiwan is looking for new markets and a new manufacturing hub. India can avail itself of Taiwanese investment and build a value-added global manufacturing centre.

Bilateral trade between India and Taiwan has grown from $1.19 billion in 2001 to $6.1 billion in 2013. India’s exports to Taiwan increased from $0.55 billion in 2001 to $2.75 billion in 2013. Similarly, India’s import from Taiwan increased from $0.64 billion to $3.4 billion in the same period.

India is now Taiwan’s 19th largest trade partner with the total trade amounting to $3.4 billion in the first seven months of 2014.

In terms of investments, FDI from Taiwan increased from $0.19 million in 2001 to $9.6 million in 2012. The cumulative FDI from Taiwan stands at $66.47 million.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

<

On the Eve of 30th Years of Independence of Republic of Uzbekistan, H.E. Dilshod Akhatov, Ambassador of Uzbekistan to India in conversation with Ameya Sathaye, Editor-in-Chief.

Denmark Ambassador to India Freddy Svane in conversation with Amb Pradeep Kapur & Ameya Sathaye, Editor-in-Chief

Italy india will work closely together for G20 : Italy Envoy to India

Do you know why FINLAND is ranked number ONE in Happiness index, watch this interview with Finland Ambassador to India

Exclusive Interview : H.E. Jasem Ibrahem Al Najem Ambassador of Kuwait to India speaks on India Kuwait bilateral relations

ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा ड्रैगन ने हाथी को क्यों डसा, भारत- चीन रिश्तों की कहानी- रंजीत कुमार के साथ अमेय साठे की विषेष चर्चा 0 comment Read Full Article

H.E. Reuben Gauci, Ambassador of Malta to India speaks on India-Malta Bilateral Relations

Portugal supports India in covid crisis : Portugal Ambassador Carlos Pereira Marques speaks with Ameya Sathaye, Editor-in-Chief

Vietnam Ambassador to India, Pham Sanh Chau speaks on Vietnam support to India in tackling covid crisis

Netherlands supports India in covid crisis : Netherlands Ambassador Marten van den Berg speaks with Ameya Sathaye

Envoy Speaks : Gopal Baglay, Indian High Commissioner to Sri Lanka speaks on Bilateral relations, business opportunities, Tourism & people to people to people contacts

Kuwait reciprocates, we stand with India in this hour of crisis : Kuwait Ambassador to India

Canadian High Commissioner, Nadir Patel speaking on support to India in covid crisis

Italian Ambassador to India, Vincenzo de Luca speaking on Italy support to India in covid crisis

H.E. Mr. Reuben Gauci, Malta High Commissioner to India speaks with Ameya Sathaye, Editor-in-Chief of Malta support to India in covid crisis

Danish Ambassador to India Freddy Svane speaking on Denmark aid to India

Video Interview with Vinod Daniel, CEO, India Vision Institute, Board Member, International Council of Museums & Chairman, Ausheritage

DENMARK AMBASSADOR FREDDY SAVNE VISIT TO CORONOVIRUS VACCINE FACILITY AT HYDERABAD, A TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVT OF INDIA FOR FOREIGN ENVOYS BASED IN INDIA.

MALTA HIGH COMMISSIONER TO INDIA, H.E. REUBEN GAUCI SHARING HIS IMPRESSION ABOUT HIS VISIT TO HYDERABAD : TRIP ORGANISED BY MINISTRY OF EXTERNAL AFFAIRS, GOVERNMENT OF INDIA FOR ENVOYS BASED IN INDIA TO UPDATE ON CORONAVIRUS VACCINE

H.E. Mr. Dinesh Bhatia, Ambassador of India to Argentina in conversation with Ameya Sathaye, Editor-in-Chief

Pictures of Formal Launch of Website Diplomacyindia.com

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP2Social Auto Publish Powered By : XYZScripts.com