Taiwan seeks better bilateral trade with India
Times of India
Taiwan seeks better bilateral trade with India
12 May 2006
NEW DELHI: Taiwan is keen on a free trade agreement (FTA) with India and is also seeking the cooperation of Indian business houses to improve economic relations and increase connectivity between the two countries.
"We want to invest more into India and are also looking forward to Indian business groups setting up business in Taiwan," said Shih Yen-Shiang, administrative minister of Taiwan.
"We have identified India as one of the most important countries with which we should improve our economic relations and may also sign an FTA if the government is willing," he said at a press conference organised by the Federation of Indian Chambers Commerce and Industry (FICCI).
"The Indian economy is booming and has grown phenomenally in the last couple of years" Shiang observed, and said, "But our trade has not picked up that much."
Stating that the current bilateral trade figure stood at $2.4 billion, he said, "Now we are aiming a growth of at least 15 percent annually and we expect it to touch the $10 billion mark in the next few years."
Shiang, who is leading a delegation comprising 130 business and government representatives, said, "Taiwan was keen on investing in India as the foreign direct investment level is currently low at a mere $17 million."
Stating that the improving trade relations with India was high on the priority list of the delegation, he said, "We have had 38 missions to India in the last one year and have set up a Taiwan-India Cooperation Council to work on the issue."
Stating that the level of FDI needs to improve, the Taiwanese minister said his country was looking forward to doing business in the construction, textiles, auto-components, chemicals, pharma, hardware and aquaculture sectors. "We are looking at the electronics consumer durable sector as well," Shiang added.
The different groups from the delegations will be visiting various cities, including Chennai and Bangalore over the next eight days to participate in various business talks.
Taiwan is also looking for more air links with India. A delegation is likely to meet Aviation Minister Praful Patel to discuss the issue. "We have three direct flights every week from Delhi," said Shiang adding, "We are looking at more cities for connectivity."
