The first-ever Taiwan Expo will be held here next month as the businesses from the two sides look to forge deeper ties and boost cooperation in areas like smart cities, electric vehicles, green technology and healthcare.
Taipei World Trade Centre (TWTC) also launched its office here today with the objective of promoting trade between India and Taiwan.
"I have to confess that we (Taiwan) have not paid enough attention to India in the past. But things have changed a lot in the past few years... Yes, we are late, but it is never too late if we are determined to catch up," Taipei World Trade Centre Chairman James CF Huang said addressing a press conference here.
Taiwan is a sensitive issue for China, which claims the cash-rich island as its territory and a part of "one China".
India has no formal diplomatic relations with Taiwan. The de facto Indian mission in Taipei is the India-Taipei Association and the Taiwanese maintain the Taipei Economic Cultural Centre in New Delhi.
Around 130 vendors from Taiwan will showcase their high quality products and services at the three-day expo being organised between May 17-19.
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"India is making incredible economic progress and as an economic partner to India, Taiwan can greatly contribute to that progress. By working together we can create world's greatest manufacturing centre here in India,"said Walter Yeh, President & CEO of Taiwan External Trade Development Council (TAITRA) at another event here.
"We are focused on six major fields, smart cities; electric vehicles; green technology; healthcare; culture and tourism. They are designed to correspond to Prime Minister (Narendra) Modi's key economic policies," Yeh said.
He highlighted that the Taiwan electric vehicle alliance can supply all key components for building electric vehicles in India, as the country looks to ramp up its use of electric vehicles.
India is one of the five countries apart from Indonesia, Vietnam, Thailand and Malaysia where Taiwan Expo is being organised this year.
India had last year signed an industrial cooperation agreement with Taiwan. The bilateral trade was worth USD 6.3 billion in 2017.
Considering the close economic ties between the two countries, we expect the annual trade will grow manifolds in the years to come on the back of our fresh investments. Taiwan Expo is being organised in India at a very conducive time when many companies in both the countries are keen to tie-up with each other for economic benefits, said Yeh.
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