TAIPEI (Taiwan News) — India is drumming up Taiwanese investment for its Gujarat International Financial Tec City (GIFT) as it strives to become a global financial hub. 

Speaking at a media event on Monday, Shri K. Rajaraman, chair of the International Financial Services Centres Authority, IFSC, which oversees GIFT City, told Taiwan News that “we expect GIFT City to play a major role in trade finance especially with Taiwan because a few Taiwanese banks are interested in setting it up.”

“India-Taiwan cross-border trade will expand as banks start laying the pipelines between both countries,” Rajaraman said.

Taipei Fubon Bank and CTBC Bank both plan to open branches in GIFT City, Manharsinh Yadav, India’s representative to Taiwan, said at the event. 

Rajaraman said it would only take 45-60 days to be approved and set up a business in the city. Additionally, India’s regulations are “completely aligned with global regulations,” he said, making it easier for businesses to move money in and out of the city. 

The IFSC chair also pointed out the low cost of operations and lower living expenses. These advantages “enable foreign investors to feel comfortable investing into India,” he said.

As of July, more than 850 entities in fintech, capital markets, and other industries have been registered with IFSCA, according to the India-Taipei Association. Banks, including JP Morgan, HSBC, and BNP Paribas, have already set up shop in the city.

Plans for the city were first announced in 2007, and the first phase of construction was completed in 2015.