India-Taiwan bilateral trade to touch $6 billion in 2017

India-Taiwan bilateral trade is set to touch $6 billion by end of 2017, Taiwan External Trade Development Council (TAITRA) Chairman James C F Huang said here on Thursday.

Interacting with DH as part of the Smart Asia 2017 expo, Huang said the bilateral trade touched $5 billion in 2016. "From January to September this year, it already registered a 35% growth. We will achieve $10 billion worth of trade within a couple of years," he said.

Huang said Taiwan is giving primacy to its relationship with India as part of the New South Policy. "We have increased our investment in many countries, especially in India, Malaysia, Indonesia and Singapore," he said.

According to a statistics, Taiwanese investment from these countries was $229.35 million for the first 10 months of the year, marking a 22.85% year-on-year increase, with 462 investment projects.

Commenting on India, he pointed out that the country is extremely important for Taiwan as it has 1.3 billion people. "India and Taiwan have developed good relation over a period. Taiwan is ready to collaborate with India in enhancing electronic manufacturing capability," he said.

Recently Taiwanese electronic and computer association visited Bengaluru and explored opportunity to develop industrial parks. "We are actively considering developing industrial parks in India as part of Make In India initiatives. We are also ready to start petrochemical park in India," he said.

Huang said over a period of time Taiwan has developed good solutions for smart cities. "Taiwan is the best partner for India in the smart city business. That is why we are here," said.

Besides smartcity projects, Taiwan is ready to collaborate with India in electric vehicle and food processing also. "India is planning to phase out cumbustion engines by 2030 and moving to electric vehicles. We have an entire ecosystem in this business and can help India," he added.