New Delhi, April 25 Taiwan's huge foreign reserves and expertise in the fields of hardware manufacturing, mine exploration, electronics, food processing and others, could make it a significant partner in India's Make in India, Digital India and Skill India initiatives, a new report has said.
India could leverage its expertise in software and Taiwan could use its hardware skills for a mutually beneficial relationship, the report from Taiwan News said.
Meanwhile, India's huge market could significantly reduce the economic ties between China and Taiwan. Taiwan’s agrotechnology could transform India's agriculture as well, the report listed the use cases of the relationship.
"For Taiwan, the Indian market offers an opportunity to invest at a time when China has become increasingly aggressive. Apprehensions about safety and the security of women due to the presence of Indian workers in Taiwan have cast dark clouds over the economic prospects of both sides," the report said.
"It is imperative for Taiwan to understand that India’s skilled and unskilled labour force has been a pillar of the global economy. Domestic issues in India should not be used by Taiwan’s opposition parties as an exercise to derail the improving ties between New Delhi and Taipei," it added.
The two nations should not allow external powers to negatively impact their bilateral ties and should certainly consider signing a free-trade agreement, the report said.
Taiwan‑India economic ties have strengthened significantly over the past decade, with bilateral trade rising sharply, as Taiwan’s representative to India Mumin Chen and India’s Director General Ninad Deshpande aims to further elevate bilateral ties
A delegation from the Confederation of Indian Industry visited Taipei on April 13-17 to explore bilateral cooperation in the automotive, electronics, and smart mobility sectors with focus on strengthening supply chain resilience and manufacturing partnerships.
The Mutual Recognition Agreement on Organic Products in 2024 boosted cooperation in the fields of agriculture and other sectors. Further, the Taiwan External Trade Development Council and Taipei Computer Association have established offices in Mumbai, Chennai, Kolkata and Bengaluru to promote trade activities.
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