India-Taiwan trade grew 9% last year to touch $5.3 billion. There is also plenty of scope for tie-ups with Taiwanese companies entering India
Bilateral trade between India and Taiwan has witnessed a significant growth in the recent years opening up a slew of opportunities for Indian entrepreneurs. To begin with,
Indo-Taiwanese trade reached $5.3 billion in 2008—an increase of 9.4% over the previous year. Though the trade had reportedly reached the $3 billion mark by mid-year, global recession had an adverse effect on the trade volume, thereby missing the trade target of $6 billion in 2008.
Indo-Taiwanese Trade
According to a report by FICCI, Taiwan’s export from India increased from $2,542 million in 2007 to $2,338 million in 2008. On the other hand, Taiwan’s import from India increased from $2,342 million in 2007 to $3,007 million in 2007-08. The major Indian exports to Taiwan included mineral fuels and waste oils, copper, organic chemicals, iron and steel, salts, aluminum, and pearls and stones, whereas major Taiwanese exports to India included plastics, electrical machinery and organic chemicals. Though, India’s export to Taiwan and Taiwan’s export to India currently hold just a small percentage of the total trade of the respective countries, the number is expected to go up in the future due to efforts being made by the governments of both the nations.
| Moses Yen Executive Director of Exhibitions, Taipei World Trade Center |
| When one hears about Taiwan, one thinks of large B2B exhibitions. What other business opportunities are there in Taiwan? Apart from electronics and automobiles, Taiwan’s ICT industry has achieved rapid inroads into the burgeoning digital home and portable communications sector. The technology and engineers are gathered for rapid market response and delivery. These unique qualities have allowed Taiwanese companies to capture 87% of the global market for wireless modems, 84% of the DSL modem market, and 70% of the market for personal digital assistants. In wireless communications, Taiwan’s amount of total investment in constructing the WiMaX network has surpassed $680 million to rank as the second highest in the world. For 2009, the Ministry of Economic Affairs (MOEA) even expects the production value of WiMaX and relevant application services for Taiwan to reach approximately $3.96 billion. For WiMaX alone, it is expected to reach $4.33 billion by the year 2012. Besides, Taiwan is renowned for its ability in flexible manufacturing, innovation, and skill in customizing products. The combined endeavors of the machine tools industry in Taiwan have achieved unprecedented growth and progress in the development of precision, stability and reliability of machine tools—MIT (Made in Taiwan) that match the standards of machine tools made in Japan, Germany and the USA. For years, Taiwan has been able to maintain double-digit growth in the production of machine tools and it remains the fourth largest exporting country, just after Germany, Japan and Italy. Taiwanese companies are reportedly setting up an SEZ in India. Can you give us an update on it? Taipei World Trade Center (TWTC) has set up its liaison office in Chennai, in addition to its Mumbai office, to enhance bilateral trading between the two countries and increase the economic and cultural presence in Tamil Nadu. The enhanced presence is recognition of Chennai as the `economic capital city’ of South India with a dynamic economy. And there are over five major Taiwanese companies in Tamil Nadu with interests in footwear, electronics etc. The presence of these companies, including Foxconn, which has one of its largest facilities here, is a major signal of confidence in Tamil Nadu; Wintek, Fongtai are all situated in Tamil Nadu. The expansion of the office here was aimed at boosting the momentum of investments and increasing economic linkages between India and Taiwan. So far, Taiwanese manufacturers have launched a total of 69 investment projects worth around $400 million in India, including Foxconn’s $110 million investment over five years in Chennai. Other investments include leading Adidas shoe manufacturer Apache and Nike shoe manufacturer Feng Tai that have also set up their production plants close to Chennai. As many may be aware, Taiwanese and Indian strengths are complementary—India is good in software, services, system development; Taiwan is very good in manufacturing and technologies. What is Taiwan doing to welcome foreign investment? In which areas do you see bilateral trade between India and Taiwan increasing? In which areas do you see Taiwanese imports from India increasing? Would Taiwanese companies be open to setting up R&D centers in India? If yes, in what areas? III pursues these efforts because it sees a strong need to internationalize its operations and address the present shortage of qualified R&D personnel in Taiwan. Other international cooperation moves include the hiring of a number of senior academics from the United States in late 2004. Along with the Indian engineers, these foreign professionals are conducting R&D in the areas of broadband and wireless networks, systems development, technology development and CMMI. However, with the new budget in place and by taking into account all the financial considerations, III has decided to close its R&D center in India last year. So far there have been no other R&D centers set up from our side here. However, there are some companies, for example, computer OEM majors such Inventec, which has expressed interest to develop partnership with Indian companies. We believe there are still vast cooperation opportunities unexplored in the IT and biotech fields between the two countries. Also, as Taiwan’s computer hardware manufacturers are known for their hardware and software and India has its solid foundation of IC design, it will be a win-win situation for Taiwanese companies to cooporate with India to build R&D centers here. Taiwan-based companies that have set up R&D centers in India include Asus, Foxconn and Wintek. How can Indian entrepreneurs benefit from the upcoming trade show? The show acts as the best B2B platform for local companies to explore more cooperative opportunities in the future with the many prominent Taiwan companies in diverse industries, or to strengthen existing partnerships with each other. During the show, TAITRA will organize the peripheral events such as seminars, procurement meetings, press conferences, opening ceremonies and buyers’ night to better serve our buyers. Meanwhile, to offer the ideal B2B trade platform, TAITRA and the overseas offices of the Ministry of Economic Affairs will mobilize hundreds of their offices around the world (and sign on dozens of international associations) to recruit key procurement agents and IPOs to this event. With buyers from more than 30 countries expected at this show, we anticipate it becoming the best platform for Taiwan-India trade. |
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