Taiwanese composite and technical textile companies are exploring partnership opportunities with Indian firms across various industries to meet their growing demand.
India's technical textile industry is expected to grow at a rate of 20 per cent annually to touch USD 30 billion over the next five years. The composite industry is also pegged at USD 2.2 billion with an expected growth of 15 per cent per annum over the next four years.
"India is a very dynamic market with a lot of potential and scope for Taiwanese companies to expand their exports. Taiwanese composite and technical textile companies are keen to penetrate their products in India with the growing demand and consumption of technical textiles across multiple industries and sectors," Taiwan Textile Federation Overseas Market Development Specialist Sean Tsai told PTI here.
The Bureau of Foreign Trade (BOFT) and Taiwan Textile Federation (TTF) are forming the Taiwan Pavilion for the fourth time jointly with Taiwan Composites Association (TCA) participating in 'Technotex 2016', organised by the Ministry of Textiles and an industry body in Mumbai this week.
Nineteen leading Taiwanese companies producing high-end composites, innovative technical textiles, raw materials, accessories and non-woven machinery will exhibit their products at the event.
The multiple industries and sectors Taiwan is focusing on include automotive, defence, police, fire departments, sports gear and apparel, rainwear, outdoor tents and canopies and protective and safety products among others.
"We expect quite a few of the exhibitors have buyers in India and some are showcasing their products for the first time and looking forward to collaborating with Indian buyers for their products," Tsai said.
He pointed out that Taiwan's functional textiles market has invested a lot of resources in textile technology innovation.
