TAIPEI (Taiwan News) – Days after Indian media reported that government officials of Taiwan and India were discussing a bilateral investment protection treaty (BIPT), it has been announced that Taiwan will be establishing a new trade office in New Delhi.
The announcement was made by a senior Taiwanese trade official on April 17, and is expected to help expand bilateral trade between the two economies by up to 20 percent.
India’s trade with Taiwan has been steadily increasing, with trade in 2017 jumping an entire 25 percent over trade in 2017 as a result of Taiwan’s Southbound Policy.
According to the report, since year 2000 Taiwanese companies have invested only US$287 million in India. However, given the vigorous trade activity between the two countries since the Tsai administration began implementing the Southbound Policy, that number appears set for a sharp increase.
Especially considering , Taiwan’s Foxconn manufacturing announced a US$5 billion investment in India earlier this year.
In an interview with Reuters, Taiwan External Trade Development Council (TAITRA) chief Walter M.S. Yeh said that the first ever Taiwan Expo is being planned in New Delhi May 17-19, where over 100 Taiwanese companies from various industries will exhibit their products.
While TAITRA already maintains three private sector offices in India, in Kolkota, Mumbai, and Chennai, the New Delhi Office will be a new governmental office in the Indian capital alongside the already existing Taipei Economic and Cultural Office.
The Taiwan Expo will serve as an inaugural event for the New Delhi Trade Office. Indian media News 18, reports that with the opening of the Taiwan Trade Office that Taiwan is expected to sign a MoU on trade promotion with the Federation of India Chambers of Commerce and Industry (FICCI).
Likewise, if negotiations on the bilateral investment protection treaty continue apace, the Taiwan Expo in May could also serve as a suitable occasion for the signing of the investment agreement as well.