Initiatives for Cooperation with Taiwan Strengthen India’s Economy
The bilateral relations between Taiwan and India have recently encouraged economic growth and made both countries more appealing for investment and development. One of the critical initiatives that plays a significant role in facilitating bilateral trade between the two countries is The Taiwan Expo.
India has become a regional manufacturing hub, which has made supply chain relocation more effective. From January to May 2024, Taiwan’sTaiwan’s most significant export to India was in chips, worth $1.18 billion, representing a 49.4% increase and accounting for more than 36% of Taiwan’sTaiwan’s overall exports to India ($3.23 billion). During the same time, Taiwan’s global export growth rate improved by 9.1% over the previous year, while shipments to India grew by double digits (+28.1%).
The much-awaited 7th edition of the Taiwan Expo 2024 will take place from July 8 – 10, 2024, at Bharat Mandapam (Pragati Maidan) (Hall No. 2) which is organized by the International Trade Administration, Ministry of Economic Affairs (TITA) and the Taiwan External Trade Development Council (TAITRA). After a five-year interval, this widely expected event returns, attracting significant interest from Taiwanese and Indian stakeholders. A pre-expo conference also took place, which attracted nearly 50 media outlets and included some highly distinguished guests like Mr. Gaurav Vats, Director East Asia, North America, Federation of Indian Chambers of Commerce & Industry (FICCI), Mr. Rajoo Goel, Secretary-General, Electronic Industries Association of India (ELCINA), and Mr. Rakesh Chandra Sharma, I.A.S. General Manager (BDD), India Trade Promotion Organisation (ITPO). Ms. CHEN Yu-Chi, Executive Director, Economic Division, TECC, also participated, making the event a thriving core of international exchange.
India is the world’s fifth-largest economy and has an enormous workforce due to its vast population. This is why India is a country that boasts a vast consumer market. ”Make in India”, ”Digital India”, ”Green India” and ”Smart City” are some of the initiatives of the Indian Government that have stimulated great growth opportunities in the domestic market. Due to the supply chain shifts, India has emerged as a regional manufacturing hub. Initiatives such as ”Make in India”, ”Digital India”, ”Green India”, and ”Smart City” have created numerous growth potential in the home market. Along with supply chain developments, India has emerged as a regional manufacturing hub. To reflect these trends, the Taiwan Expo 2024 will focus on five essential themes: Smart Lifestyle, Smart City, Smart Manufacturing, Green Innovations, and Wellness Fiesta highlight Taiwan’sTaiwan’s latest technology and solutions, providing exhibitors and visitors with an in-depth examination and deeper experiential interaction with the vast array of products.
The Deputy Executive Director of TAITRA, Mr. Keven Cheng, emphasized that “From January to May 2024, the total trade volume between Taiwan and India grew by 25.8% compared to the same period last year, making India our 14th largest trade partner. This significant growth underscores the immense potential for Taiwan-India economic cooperation, particularly in electronics manufacturing, smart cities, and ICT sectors. The Taiwan Expo aims to further consolidate and grow business opportunities by showcasing the latest products and solutions curated based on the most recent government policies, local market demands, and consumption trends. We hope to continue to build the best stage that promotes bilateral trade relations between both countries”.
People got to see an exclusive pre-exhibition display of previews of products from selected exhibitors at the press conference. The featured products were the newest AI gaming laptops from Gigabyte Technology, the state-of-the-art AI gaming laptops from MSI, and the flagship camera VB350 from AVer Information. A range of health-conscious foods and beverages from TSAN YU YEN Food and Shian Yuan International, as well as professional medical-grade support products from Grace Care International, protein hair creams from SHAAN HONQ, and the Ares Monitor Arm from Modernsolid Industrial, were also on display. These exhibitions emphasized Taiwan’s AI, healthcare, cosmetics, and food superiority.
In 2024, the Taiwan Expo 2023 will feature over 120 companies and showcase more than 1000 products from the country. The Taipei Expo will feature participation from the two most significant associations in Taiwan: the Taipei Computer Association (TCA), the Taiwan Textile Federation (TTF), and the New Taipei City Government. Taipei is the most populous city in Taiwan and has the most extensive number of registered firms. At the exhibition, Indian visitors will have a fantastic chance to learn about and establish connections with Taiwan’s wide range of products and services.
