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.
FDI inflows from Taiwan has increased almost 10 times between FY18 and FY19. The cumulative FDI inflows from Taiwan to India are worth $602.35 mn for April 2000 to June 2021.
The bilateral trade between India and Taiwan is on the rise - it has increased from $2 bn in 2006 to $5.7 bn in 2020, registering a 185% growth.
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.
Pegatron, Apple's second-largest contract manufacturer, has registered a subsidiary in India, to expand the manufacturing capacity of iPhones in the country.
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.
Taiwanese Original Equipment Manufacturer (OEM), Wistron Corp. plans to invest $165 mn to increase production capacity of its facility in Narasapura near Bengaluru.
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.
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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
Best Investment Project Award five years in a row - 2016 to 2020 at the Annual Investment Meeting (AIM) organized by the Ministry of Economy, UAE.
Great Place to Work Certification by GPTW Survey 2019
The UNCTAD Award 2018 for promoting investment in sustainable development
Great Place to Work Certification by GPTW Survey 2018
Investment Award 2016 from the Indian Ocean Rim Association (IORA)
United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2016 for excellence in partnering for investment promotion