(MENAFN- KNN India)
New Delhi, Oct 9 (KNN) India is positioning itself as a prime destination for Taiwanese investments, with the potential to attract a staggering USD 15 billion across various sectors, including printed circuit boards (PCBs), electronic components, and electric vehicle (EV) infrastructure.
This revelation comes from a recent report by the Federation of Indian Chambers of Commerce and industry (Ficci), titled "Unlocking the Potential: The Benefits of India as a Partner for Taiwanese Enterprises."
The report outlines several factors contributing to India's attractiveness for Taiwanese companies. Among them are the nation's growing domestic market, competitive manufacturing costs, and pro-investment policies.
These elements create a compelling case for Taiwanese enterprises looking to expand their global footprint. The report further projects that by 2030, the market demand in five key sectors could reach USD 170 billion, offering significant opportunities for Taiwanese firms to leverage their high-tech expertise amid India's rapid economic growth.
India's demographic advantage-a large, youthful population-coupled with advancements in technology and infrastructure, are highlighted as driving forces behind the nation's economic success. The report emphasises that these factors could enable India to outpace many of its peers in the coming years.
In the fiscal year 2024, bilateral trade figures between India and Taiwan illustrated a growing economic relationship, with India's exports to Taiwan valued at USD 1.84 billion, while imports reached USD 8.28 billion.
Electronic components and telecom instruments accounted for a substantial portion of these imports, reflecting Taiwan's critical role in India's technology ecosystem.
Ficci's report underscores the mutual benefits of a strengthened partnership between the two nations. Taiwanese companies can not only tap into India's booming market but also contribute to it with their technological expertise.
The report states,“Taiwan's technological advancements combined with India's expanding market offer a strategic path for both countries to prosper together.”
Key initiatives such as the India Semiconductor Mission (ISM) and the Production-Linked Incentive (PLI) scheme further enhance India's position as an ideal partner for Taiwanese firms seeking global expansion.
Additionally, the report emphasizes Taiwan's focus on long-term sustainability and resilience, noting India's advantageous position compared to many Southeast Asian nations in fulfilling these strategic partnership needs.
As India continues to emerge as a top destination for investments in electronics manufacturing, green energy, EVs, smart cities, and information and communication technology (ICT), the synergy between India's growth trajectory and Taiwan's technological expertise becomes increasingly evident.
(KNN Bureau)
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