Union Budget 2023-24
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India - Taiwan Relations

India and Taiwan developed strong bilateral economic relations during the 21st century with the establishment of India Taipei Association (ITA) in Taipei and Taipei Economic and Cultural Center in New Delhi in 1995. 

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.

    • As a part of "Look East" foreign policy, India has sought to cultivate extensive ties with Taiwan in trade and investment as well as developing co-operation in science & technology, environment issues and people-to-people exchanges.

    • Bilateral Economic Consultations Meetings between India and Taiwan are held annually and have been proven to be a success in bringing various mutual beneficial opportunities to both sides. Governments and industries of India and Taiwan will continue to engage closely in “Make in India, “Digital India,” “Skill India,” and “Startup India” initiatives for collective growth.

    • 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.

    • In 2011, India and Taiwan signed a Double Taxation Avoidance Agreement (DTAA) and a Customs Cooperation Agreement to strengthen trade and investments.

    • The India-Taipei Association was established in Taipei in 1995 to promote non-governmental interactions between India and Taiwan, and to facilitate business, tourism, scientific, cultural and people-to-people exchanges. 

    • The Taipei Economic and Cultural Centre in New Delhi is ITA's counterpart organisation in India. A Taipei Economic and Cultural in Chennai was established in 2012. It represents Taiwan government's interests in the southern states of India, as well as Sri Lanka and the Maldives.

    • The cumulative FDI inflows from Taiwan to India are worth $815.1 mn for April 2000 to December 2022.

    • The bilateral trade between India and Taiwan is on the rise – it has increased from $2bn in 2006 to $8.9 bn in 2021.

    • The MOU on Scientific and Technological Cooperation was signed between TECC and ITA in 2007. Bilateral joint meetings and academic seminars are held annually. As of January 2023, a total of 115 projects and joint proposals have been carried out while 25 seminars have been held bilaterally.

    • As of the end of 2021, around 106 Taiwanese companies have set up business operations in India, with the total investment amount of $ 1.5 billion in the fields of information and communication technology, medical devices, automobile components, machinery, steel, electronics, construction, engineering, financial services.

    • In 2019, Foundation for International Cooperation in Higher Education of Taiwan signed an MOU with Association of Indian Universities, by which academic degrees and certificates recognized by one will be recognized by the other, allowing for greater research collaboration and exchanges by teachers and school administrators.

    • 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.

    • Over the past decade, over 400 Indian students have availed themselves of scholarships offered by the ROC (Taiwan) government. At present there are 130,000 foreign students studying in Taiwan, of whom 2,800 students hail from India. 

    • 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.

Sectoral Opportunities in India

  • Automobile

    Automobile

    • #1

       Largest Two-wheeler Manufacturing Country 

    • #3

       Largest automotive market

    • #4

      Largest car manufacturing country

      • India aims to double its auto Industry size to INR 15 lakh Cr by 2024.
      • Provides direct and indirect employment to over 35 Mn people
      • The India passenger car market is expected to reach a value of $54.84 Bn by 2027 while registering a CAGR of over 9%.
    Visit Sector 3Investible Projects
  • Chemicals

    Chemicals

    • #3

      largest consumer of polymers in the world

    • #4

       largest producer of agrochemicals in the world 

      • Indian Dye is exported to over 90+ countries
      • Supplies 16% of the global dyestuff and dye intermediates
      • India is set to emerge as the 4th largest chemical producer in the world
    Visit Sector 28Investible Projects
  • Capital Goods

    Capital Goods

    • 12%

      contribution to overall manufacturing in India

    • 5 Mn

      direct employment in 2025

    • 40%

      T&D equipment demand

      • Capital goods Scheme proposal has been approved with a total financial outlay of INR 1207 Cr including Government Budgetary support of INR 975 Cr
      • 100% FDI allowed under automatic route
      • The industry is divided into 10 sub-sectors where electrical equipment is the largest sub-sector
    Visit Sector 10Investible Projects
  • Electric Vehicles

    Electric Vehicles

    • 40%

      Global engineering and R&D spent on automobile sector in India

    • $1.4 Bn

      Fund allocation for implementation of FAME-II Scheme

    • 750,000+

      Total EV sales in India so far

      • National Electric Mobility Mission Plan 2020 (NEMMP) launched for faster adoption of electric vehicles and their manufacturing in India
      • Up to 100% flexibility on the funding of the cost for charging infrastructure, depending upon project proposal.
      • Target to achieve 30% EV of the total vehicles on road by 2030
    Visit Sector 3Investible Projects
  • Electronic Systems

    Electronic Systems

    • #1

      fastest-growing smartphone market in the Asia-Pacific

    • #2

      Largest smartphone market

    • #5

      Largest consumer electronics and appliances Industry by 2025

      • One of the top 3 global economies in terms of the number of digital consumers
      • Projected CAGR of the Sector during 2020-25 is 16.6%
      • Estimated to reach over 900 million internet subscribers by 2025
      • Consumer electronics and appliances industry expected to become 5th largest by 2025
      • 100% FDI through Automatic Route
    Visit Sector 11Investible Projects
  • Textiles & Garments

    Textiles & Garments

    • #1

      Producer of Cotton and Jute

    • #2

      Producer of polyester, silk and fibre

    • #6

      Largest exporter of Textiles & Apparel

      • 95% of the world's hand-woven fabrics are made in India
      • Contributes 27% to the country's foreign exchange inflow
      • Employs over 52 Mn people directly and 69 Mn people indirectly, the 2nd largest employer in India
    Visit Sector 4Investible Projects

Recent Investments

Taiwan's Pou Chen Group

Taiwan's Pou Chen Group to invest $280mn in India for footwear manufacturing

Taiwan's Pou Chen Group touted as the world's largest manufacturer of casual and athletic footwear for leading brands has signed a Memorandum of Understanding to invest in Tamil Nadu, India. According to the MoU exchanged between the Tamil Nadu Government and the Pou Chen group, the latter's group company, High Glory Footwear India Private Limited would invest Rs.2,302cr (approximately $280mn) over a period of 12 years and help generate 20,000jobs here.

Foxconn

Karnataka approves Foxconn's INR 8,000-crore mobile manufacturing unit plan near Bengaluru

The Karnataka government cleared the proposed INR 8,000-crore investment by Taiwanese Company Foxconn.

The project is to manufacture mobile devices and is expected to come up on the outskirts of Bengaluru, across the Doddaballapur and Devanahalli taluks.

Foxconn

Foxconn to begin work on Hyderabad site soon

Foxconn, the Taiwanese contract manufacturer of electronic goods for top global brands are planning six to seven products at their new facilities. These might be split between Hyderabad and Bengaluru.

Gogoro and Belrise

India's State of Maharashtra Announces Strategic Energy Partnership with Gogoro and Belrise Industries to Build $2.5 bn Battery Swapping Infrastructure

The infrastructure deployment will be the world's largest sustainability-focused portable energy system to date. It will focus on offering open access for a variety of uses including battery swapping, smart electric vehicles, mobility sharing, demand response services and distributed energy storage, smart agriculture, and other applications.

Foxconn

Foxconn plans investment in semiconductor, consumer electronics in Maharashtra

Foxconn, the largest electronics manufacturer in the world held a meeting with the ministerial delegation from Maharashtra and discussed the advanced investment plans.

Taiwanese electronics giant Foxconn

Taiwanese electronics giant Foxconn looks at manufacturing EVs in India

Taiwanese electronics giant Foxconn is looking at making electric vehicles in India, part of a larger diversification plan to expand its Asian manufacturing supply chain beyond China, according to people aware of developments at the contract phone maker for Apple.

Vedanta signs pact with Foxconn to manufacture semiconductors in India

Vedanta signs pact with Foxconn to manufacture semiconductors in India

Vedanta signs pact with Foxconn to manufacture semiconductors in India

Market access to about two billion people, including over .3 billion in India, stable industrial and political environment, availability of skilled work force in abundance and a shared cultural relationship have made India an attractive investment destination for Taiwan, said Ben Wang, director-general of Taipei Economic and Cultural Centre in Chennai.

Taiwan views India as an attractive investment destination

Market access to about two billion people, including over .3 billion in India, stable industrial and political environment, availability of skilled work force in abundance and a shared cultural relationship have made India an attractive investment destination for Taiwan, said Ben Wang, director-general of Taipei Economic and Cultural Centre in Chennai.

India accelerates talks with Taiwan on $7.5-billion chip plant, trade deal. 

India accelerates talks with Taiwan on $7.5-billion chip plant, trade deal. 

India accelerates talks with Taiwan on $7.5-billion chip plant, trade deal. 

Foxconn's India arm plans IPO to raise INR 5,000 crore

Foxconn's India arm plans IPO to raise INR 5,000 crore

Foxconn's India arm plans IPO to raise INR 5,000 crore

Pegatron

Pegatron registers first India subsidiary in Chennai

Pegatron, Apple's second-largest contract manufacturer, has registered a subsidiary in India, to expand the manufacturing capacity of iPhones in the country.

Foxconn in India

Foxconn to invest $1 bn in Tamil Nadu Plant

Foxconn Technology Group plans to expand their Sriperambudur Plant in Tamil Nadu. The investment will take place over 3 years and is expected to add 6,000 jobs at the plant.

Wistron in India

Wistron plans to invest $165 mn for India plant expansion

Taiwanese Original Equipment Manufacturer (OEM), Wistron Corp. plans to invest $165 mn to increase production capacity of its facility in Narasapura near Bengaluru.

Maxxis in India

Maxxis bets big on India as it eyes to enter top 5 global tyre maker list by 2025

Taiwanese tyre major, Maxxis Group plans to invest $400Mn on its first manufacturing plant at Sanand in Gujarat, where it is working to hike output to 60,000 units of two-wheeler tyres per day from the current 20,000 units a day, as part of the project's Phase I expansion.

Taiwan Plus

Taiwan Plus is the one-stop-shop for exploring and materializing your India entry plans. Set up by Invest India, the National Investment Promotion and Facilitation Agency and Taiwan External Trade Development Council (TAITRA), under the aegis of Government of India and Taiwan, the Desk will promote, facilitate and retain Taiwanese investments in India.

Working closely with the federal and state government agencies and industrial authorities in India, Taiwan Plus brings to you a seamless experience in kick-starting your India business.

Key Functions

  • An entire spectrum of investment promotion - research, outreach, promotion, facilitation, and aftercare
  • Initiating, attracting, facilitating, fast-tracking and handholding Taiwanese investments across sectors
  • Providing information on investment opportunities across sectors, in specific projects
  • Extending holistic support to the small and medium enterprises and entrepreneurs from Taiwan with an interest in investing in India

Our Team Members

Sai Sudha Chandrasekaran

Sai Sudha Chandrasekaran

Vice President

Taiwan Plus Lead

AJu Antony, Taiwan Plus, Invest India

Aju Antony

Principal Investment Specialist

Geethu Nithyanandan

Geethu Nithyanandan

Policy & Trade Specialist

Aditi Sabharwal

Aditi Sabharwal

Investment Specialist

Raveesh Malik

Raveesh Malik

Investment Specialist

Team Advantages

  • Opportunity assessment

  • Policy and incentive advisory

  • Market entry strategy

  • Location assessment

  • JV and strategic partner research

  • Approvals and compliance advisory

  • Issue redressal support

  • Expansion advisory

  • Start-up (Entrepreneurship) support

Gallery

  • Apr 13, 2023 New India's Trade Performance by Piyush Goyal, Commerce & Industry Minister
  • Apr 05, 2023 India is a trusted partner for the world
  • Feb 20, 2023 PM Modi at the Economic Times Global Business Summit 2023
  • Mar 12, 2020 Invest India facilitates TJR Precision Technology Ltd
  • Jul 01, 2019 Invest India facilitates Foxconn
  • May 23, 2018 Taiwan Business Expo in India
  • Apr 13, 2023 New India's Trade Performance by Piyush…
  • Apr 05, 2023 India is a trusted partner for the world
  • Feb 20, 2023 PM Modi at the Economic Times Global Business…
  • Mar 12, 2020 Invest India facilitates TJR Precision Technology…
  • Jul 01, 2019 Invest India facilitates Foxconn
  • May 23, 2018 Taiwan Business Expo in India

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Invest India

The one stop-shop to ensure your success in India

Invest India is the National Investment Promotion and Facilitation Agency of India and acts as the first point of reference for investors in India. Invest India is transforming the country’s investment climate by simplifying the business environment for investors. Its experts, specializing across different countries, Indian states and sectors, handhold investors through their investment lifecycle ⎯ from pre-investment to after-care.

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We are the most awarded IPA in the world

  • The World's Most Innovative Investment Promotion Agency Award 2021 awarded by OCO Global

  • United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2020 for best practices in COVID response

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