India and Taiwan witnessed a record high trade value of USD 8.9 billion in 2021-22 because of keen interest among business communities from both the sides to explore untapped market potential in each other’s country. In order to maintain this growth momentum, WTC Mumbai organised an interactive meeting with Ms. Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center- India.

Speaking on this occasion, Ms. Chen remarked, “I am optimistic about the outlook for India-Taiwan economic relation. The recent investment by Taiwanese companies in India is just the beginning for bilateral trade and investment flows. As supply chain between India and Taiwan gets robust, more and more Taiwanese companies would be eager to setup their manufacturing plants in India.”

Ms. Chen highlighted language and cultural barrier as the biggest challenges for India-Taiwan trade and investment relationship. She remarked, “In recent years, we have seen several partnerships between Taiwanese companies and Indian start-ups in different technological sectors like semi-conductors and aerospace. However, language and cultural barriers are hampering effective communication. Trade support institution like WTC Mumbai can help us bridge the language gap.”

Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai assured all possible support in facilitating trade and investment relations between both countries. He remarked, “India and Taiwan share common values of democracy and rule of law. To address language and cultural barriers, we need to set up language training institutes. Both the countries can collaborate in joint manufacturing of semiconductors, electronic white goods, personal computers, laptops etc. Taiwan can help India diversify its source of imports to make its supply chain resilient. Both the countries can have a scheduled investment plan by initially focusing on 10 sectors to gradually scale up two-way commercial relations.”

Currently, Taiwan is the 32^nd largest trade partner of India with two-way trade of USD 8.9 billion as of 2021-22. Taiwan exports USD 6.2 billion worth of goods to India, while it imports USD 2.7 billion worth goods from India.

Capt. Somesh Batra, Vice Chairman, MVIRDC WTC Mumbai suggested that WTC Mumbai can facilitate a trade delegation from India to Taiwan to explore untapped business potential between both the countries. He also invited Taiwanese companies to participate in the flagship program of WTC Mumbai, Connect India International Trade Show 2022.

The event was attended by Mr. Edison Hsu, Director, Taipei World Trade Center, Liaison Office in Mumbai and other officials from the Liaison Office.

Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai proposed vote of thanks for the event. Ms. Naik recommended that India and Taiwan can work together to jointly organise trade shows and exhibitions to promote local brands in each other’s market.

In Photo (From left to right): Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI); Capt. Somesh Batra, Vice Chairman, WTC Mumbai; Dr. Vijay Kalantri, Chairman, WTC Mumbai; Ms. Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center- India; Mr. Edison Hsu, Director, Taipei World Trade Center, Liaison Office in Mumbai and Ms. Rupa Naik, Executive Director, WTC Mumbai.