India is slowly turning out to be the favored destination for Taiwanese entrepreneurs, with a potential attraction of nearly $15 billion, cutting across sectors such as PCBs, electronic components, and even EV infrastructure. This Ficci reports.
The report is called “Unlocking the Potential: The Benefits of India as a Partner for Taiwanese Enterprises.” Apart from this, the report outlines the benefits offered by India in the form of its growing home market, competitive manufacturing costs, and pro-investment policies to make an attractive case for Taiwanese companies looking at expansion opportunities across the globe.
The report postulates that demand in five key sectors of the economy is likely to reach an estimated $170 billion by 2030, presenting immense potential for Taiwan’s high-tech expertise to ride India’s growth wave.
It says in a report, “India’s huge and young population, expanding domestic market, and significant developments in technology and infrastructure are drivers of its economic success, making it a high-growing economic actor that will leave many of its peers far behind in the years to come.”
This fiscal year 2024, India exported to Taiwan about $1.84 billion while the imports added up to $8.28 billion, which comprised mainly electronic components and telecom instruments.
An analysis by Ficci depicts the mutual benefits of building up a greater bond between India and Taiwan that illustrates how Taiwanese firms can leverage the growth trajectory of India while contributing to it simultaneously by virtue of their technological expertise.
It’s all contained in the report: “Taiwan’s technological advancement alongside India’s expanding market will provide strategic opportunities for both these nations to excel together. Pro-investment initiatives like the India Semiconductor Mission, or ISM, and the Production-Linked Incentive, or PLI scheme, with considerable improvement of infrastructure and logistics, have projected India as the best partner for Taiwanese companies looking forward to expanding their reach across the globe.”
The report further says that Taiwan places much importance on long-term sustainability and resilience and has strong relationships building with key strategic partners, which states that “India occupies a particularly advantageous position compared to many Southeast Asian nations in meeting these strategic partnership requirements.”
According to the report, “India and Taiwan can build resilient supply chains, accelerate new technologies, and address wider global economic challenges by closely collaborating.”
Their development of India as a destination for investments in sectors like electronics manufacturing, green energy, electric vehicles, smart cities, and information and communication technology would correspond to the strong fields of core competency and strategic priority of Taiwan.
