Wednesday, 30 January, 2008

Taiwan identifies India for trade promotion

Taiwan has identified India as this year's target country for trade promotion and investment, Yuen-Chuan Chao, president and Chief Executive Officer of the Taiwan External Trade Development Council (TAITRA), has said. Addressing presspersons after signing a memorandum of understanding with the Southern India Chamber of Commerce and Industry (SICCI) here on Saturday, Mr. Chao said Taiwan had short-listed information and communication technology, autoparts, textiles, food processing and pharmaceutical and biotechnology to be promoted in India.

         The total Taiwanese investment in India now stood at around $110 million as against billions of investment in relatively smaller economies such as Vietnam, Thailand and Malaysia. The volume in India was all set to grow manifold soon, he said A delegation, comprising exporters, purchasers and investors representing 70 Taiwan companies, would visit Chennai on May 15, Mr. Chao said. Chennai would also have an exclusive Taiwan machinery centre soon.

         He said the MoU, Taiwan's fourth with an Indian business chamber, would help in exchange of trade information and product promotion between the two regions. SICCI president S. Ramanathan said the MoU was a good beginning of a successful partnership and offered the SICCI premises for being used as a provisional base for the TAITRA, which was setting up its own office in Chennai.

"Taiwanese investment in India will grow manifold"