He added, “Punjab has huge potential, specifically, in agro sector, we are looking to set up ultra modern silos, agri machinery and processing etc.” The bilateral trade potential of the two nations, said he, has not been fully tapped yet and both India and Taiwan can join hands in the field of IT/software, hardware, electronics, automotive components, food processing, agri-technology and education to build international brands.
It is worth noting that the 20 member delegation visited PHD Chamber as part of the continuing efforts to increase bilateral trade and investments between Taiwan and India. The delegates represented food processing, retail, engineering, procurement, construction (EPC), rubber industry, tire industry, bamboo processing, steel machinery manufacturing, solar panels, logistics, grain storage, and hand tools industry.
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Ong shared that in 2011, the two-way trade between the two countries stood at USD 7.4 billion. And it is expected that the trade with India shall reach USD 10 billion in the next three to four years.
Indicating that the future prospects for trade and investment between our countries are significant, Dalip Sharma, Regional Director, PHD Chamber said that the inbuilt complimentary of the economies of both Taiwan and India offers innumerable opportunities and it is important that we build on the existing strong relations. We need to accelerate our efforts for the growth of bilateral economic cooperation, particularly in view of the current economic scenario. There is a need for greater synergy of efforts between the business communities of Taiwan and India, specially Punjab to accelerate the two way cooperation.