NEW DELHI (Taiwan News) - The Taipei Economic and Cultural Center in India (TECC) and the India-Taipei Association (ITA) have signed a Memorandum of Understanding (MOU) on Promotion of Industry Collaboration, as part of efforts to elevate Taiwan-India industrial cooperation to an even higher level.
The MOU was signed by TECC Representative Ambassador Chung-Kwang Tien and ITA Director Sridharan Madhusudhanan in New Delhi in the presence of Deputy Director General of Bureau of Foreign Trade of Taiwan, Dr. Guann-Jyh Lee and Joint Secretary of Ministry of Commerce and Industry of India, Vandana Kumar.
Under the MOU, Taiwan and India will expand the scope of cooperation in not only trade and investment but also in industrial collaboration. The MOU involves cooperation in research and development (R&D), design and engineering, product manufacturing and after sales services.
With that, Taiwan and India will adopt various models for cooperation in order to create synergies and industrial value chains, as well as develop products/services and enhance their added value.
In addition, both countries will explore possibility of setting up industrial parks so as to provide platforms for cluster formation and development. The two countries further aim to conduct exchanges on investment regulations and policies, as well as provide one-stop commercial services.
The MOU shows the strong determination of the two governments to strengthen bilateral industrial exchanges, as it was signed in the aftermath of 21 MOUs that were inked at the Taiwan-India Industrial Collaboration Summit on 12 October 2017, in Taipei. These MOUs were signed by major industrial associations of Taiwan and India, including Taiwan's Chinese National Federation of Industries and Federation of Indian Chambers of Commerce and Industry.
India is experiencing rapid economic growth and enjoys an annual growth rate of 7% plus. With policies such as “Make in India,” “Startup India” and “Smart Cities” as well as its demographic dividend of 1.3 billion population and abundant excellent software talents, India has become an important investment destination for enterprises around the world.
Taiwan has a leading role in the world in electronic manufacturing. It possesses formidable industrial value chain, strong product design and R&D, capacities to manufacture key components, and efficient managerial skill for assembly lines. This industrial strength is complementary to India, making Taiwan an ideal partner for India.
Existing Taiwanese investors in India include Foxconn Technology Group, Wistron Corp, Delta Electronics, D-Link Corp, and Fair Friend Enterprise Group. The signing of this MOU enables the two countries to institutionalize the industrial collaboration mechanism and platform, which, in turn, helps to enhance closer ties in the fields of industry, investment and technical cooperation on an equal and mutually-beneficial basis.
This will be instrumental in assisting Taiwanese companies to tap the ever-growing Indian market and create business opportunities.