TAIPEI (Taiwan News) -- India and Taiwan signed a memorandum of understanding on Thursday December 14 to promote industrial cooperation between the two countries.
Taipei Economic Cultural Center representative Chung-Kwang Tien (田中光) and Director General of the India-Taipei Association Sridharan Madhusudhanan signed the memorandum deepening two-way exchanges and cooperation between India and Taiwan.
The memorandum points out that both the countries will first work on promoting industrial cooperation in areas such as automotive electronics and smart cities.
The memorandum also points out that cooperation between Taiwan and India includes cooperation in different business models through R & D, design, engineering, manufacturing and after-sales service sharing to create industrial synergy and establish a value chain to enhance the added value of products and services between both parties.
In addition, Taiwan and India will also conduct regulatory, policy and information exchanges and one-stop services under the MOU to assist enterprises from both sides.
In recent years, industrial relations between Taiwan and India have risen to a higher level with both Taiwan's New Southbound Policy and India's approach to the global market through its Make in India initiative.