Bilateral trade between India and Taiwan stood at USD 2.1 billion in the first five months of 2015, with Taiwan's machine tool exports to India growing 11.6 per cent in the first six months of 2015.
"Taiwanese exports to India contributed USD 1.28 billion while imports from India touched USD 828 million," Taiwan External Trade Development Council (TAITRA) said.
Bilateral trade between India and Taiwan stood at USD 6 billion in 2014 and over 70 Taiwanese companies have invested in India since 2013.
Taiwan, with its expertise in the machine tool industry, is keen to contribute to India's manufacturing sector.
"There is a clear-cut synergy between needs of the Indian manufacturing sector and the special characteristics of the Taiwanese machine tool industry. As the world's fourth-largest exporter of machine tools and components, Taiwan can offer products to a broad range of industries.
"In future, we truly expect Taiwanese products to help speed up India's manufacturing energy and make a significant contribution to the Make in India initiative," said Lee Guann-Jyh, Director (Economic Division) of the Taipei Economic and Cultural Center in India.
He was speaking at the Delhi Machine Tools Expo 2015 organised by the Bureau of Foreign Trade.
"We are optimistic that India's future economic growth will be stronger, given its 1.2 billion population and the demand driven by its young and aspirational middle class.
"The huge, upcoming public-private sector infrastructure projects are expected to drive growth further. No doubt, the Indian market holds enormous potential for Taiwanese companies," Lee added.
