India’s economic interaction with Taiwan has gained momentum in the past decade with several bilateral agreements in agriculture, investments, heritage railways, civil aviation, DTAA, industrial cooperation, SME cooperation, customs cooperation, among others.
India and Taiwan signed a landmark Bilateral Investment Agreement in 2018 to promote investment flow between the two sides. The Agreement seeks to ensure protection for Taiwanese investments in line with international standards, as well as the safety and rights of Taiwanese investors in India.
India’s latest 'Act East Policy' and Taiwan’s 'Southbound Policy' are strengthening economic cooperation between the two.
In 2011, India and Taiwan signed a Double Taxation Avoidance Agreement (DTAA) and a Customs Cooperation Agreement to strengthen trade and investments.
The bilateral trade between India and Taiwan is on the rise – it has increased from $ 2 bn in FY 2005-06 to $ 6 bn in FY 2017-18, registering a 200% growth.
FDI inflow from Taiwan has increased 10 times between FY17 and FY18. As of January 2019, Taiwanese companies have invested over $ 718 mn in India.
The first ever Taiwan Film Festival was hosted in India in 2018 in an effort to promote Taiwanese culture in India. The Film Festival was followed by a delegation of 25 youth ambassadors under Taiwan’ s International Youth Ambassadors Exchange Programme to boost ties among the youth of India and Taiwan.
To strengthen the cultural ties, Taiwan’s Ministry of Culture and the National Gandhi Museum in India organized a week-long exhibition on Mahatma Gandhi’s life and teachings in Taipei to mark his 150th birth anniversary in October 2018.
In 2004, Taiwan began offering Indian students the Taiwan Scholarship and National Huayu Enrichment Scholarship to study Mandarin.
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Taiwanese Original Equipment Manufacturer (OEM), Wistron Corp. plans to invest around $ 340 mn to increase the production capacity of its facility in Narasapura near Bengaluru.
Foxconn Technology plans to invest $ 355 mn in their Sriperambudur Plant in Tamil Nadu to assemble Apple's iPhone X series. The investment is expected to create 25,000 jobs.
Taiwan's electric two-wheeler manufacturer Kymco plans to invest $ 65 mn in Haryana-based electric scooter start-up Twenty Two Motors over the next three years to develop electric two-wheelers for the Indian market.
Delta Electronics India is present in India in the telecom power, renewable energy solutions and industrial automation. The firm plans to invest $ 500 mn in their new factory in Krishnagiri and large innovation and R&D centre in Bengaluru to grab an opportunity in electric mobility and energy storage space.
China Steel Corporation was one of the first Taiwanese enterprises to enter in India and made the largest investment of $ 178 mn in Gujarat in 2012. The company set up an electrical steel manufacturing facility with an annual capacity of 200,000 tonne.
Specializes in Renewable Energy and Power Machinery Sectors
Taipei Economic and Cultural Center (TECC), New Delhi
Specialisation in Electric Mobility sector
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