India is a favorable destination for Taiwanese manufacturers with a huge market, many young and skilled talent, a pluralistic society with strong rule of law, and credible long-term partnerships, India Taipei Association (ITA) Director-General Manharsinh Laxmanbhai Yadav said yesterday.
Yadav made the remarks at a luncheon with local researchers and reporters at the ITA office in Taipei, joined by Indian Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh, who is leading a group of more than 50 Indian delegates visiting Taiwan from Tuesday to tomorrow to deepen economic and people-to-people ties.
The delegation comprises key figures from the Federation of Indian Chambers of Commerce and Industry and Electronic Industries Association of India.
Photo: Lee I-chia, Taipei Times
Singh is the highest-ranking Indian official that has visited Taiwan this year. He took up the post of DPIIT secretary in April, and also serves as the ex officio chairperson of the Indian National Investment Promotion and Facilitation Agency (Invest India) .
During the four-day visit, the delegation is to participate in the second India-Taiwan CEO Roundtable, the seventh India-Taiwan Industrial Collaboration Summit and the 16th India-Taiwan Economic Consultation, and visit the Taipei International Electronics Show (Taitronics).
In addition to meeting with various businesses and industry associations, Singh is to meet with senior officials in key economy-related ministries during his visit.
Photo courtesy of the ITA
“We believe there are many complementarities between India and Taiwan in many ways, and as India moves on to faster growth in industrialization, we feel there is a lot of potential for partnership,” Singh said at the luncheon.
Taiwan’s strengths include hardware, semiconductors and other technologies, while India has the world’s largest and one of the youngest populations — with about 65 percent of working-age people — and a strong and decisive government that provides political and macroeconomic stability, he said.
“As India is on the move, we would love to have Taiwan to be active participants in our growth story,” he added.
Photo courtesy of the ITA
A presentation by Invest India highlighted that in recent years, India has emerged to be the fastest-growing major economy and one of the highest recipients of foreign direct investment, which doubled in the past eight years from about US$35 billion to US$84 billion.
India’s manufacturing GDP is expected to grow by 15 times and services GDP is expected to grow 13-fold in the next 25 years, it said.
The presentation also listed business reforms in India designed to benefit foreign direct investments, including reduced corporate tax, financial incentives for semiconductors and display manufacturers, the National Single Window System, which is a one-stop digital platform for all investor approvals, and ongoing infrastructure developments across the country.
There are three key points that Taiwanese companies prioritize when they want to diversify their business, and India meets these — a huge market with skilled talent, pluralistic democracy and longstanding credible partnerships — so he believes Taiwanese companies would find India to be a good place for their manufacturing business, Yadav said.
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