India-Taiwan industrial cooperation increases thanks to signing of new MOUs
Taiwan has become the main spot for business around the world and it is already seen as China’s replacement for smartphones and electronics. However, we have seen that the pressure from China has forced many countries to not work with Taiwan. At the moment, we have seen that India is pitched as a possible centre for trade if the US-China trade war does not come to an end. Also, reports started emerging that Taiwanese tycoons are looking at India for investment as it sees growth in the country. Now, the industrial cooperation has increased quite significantly as both the countries have signed Memorandum of Understanding or MOUs.
These MOUs have been signed between the Taipei Economic and Cultural Center in India and the India-Taipei Association. Ambassador Chung-Kwang Tien from Taiwan and ITA Director Sridharan Madhusudhanan signed these MOUs in presence of Deputy Director-General of Bureau of Foreign Trade of Taiwan, Dr Guann-Jyh Lee and Joint Secretary of Ministry of Commerce and Industry of India, Vandana Kumar.
The MOUs state that Taiwan and India will not only have cooperation in trade and investment but in industrial collaboration as well. In this MOUs, the emphasis has been put on cooperation in research and development (R&D), design and engineering, product manufacturing and after-sales services.
Also, Industrial parks will be set up by India and Taiwan which will help provide platforms for cluster formation and development. It is said that the MOUs will be instrumental for the Taiwanese businesses in entering the Indian market which is growing and creating business opportunities. Currently, there are various companies investing in Indian markets which include Foxconn Technology Group, Wistron Corp, Delta Electronics, D-Link Corp, and Fair Friend Enterprise Group. With the MOUs, more companies will look to invest in the Indian markets.