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New Delhi [India], July 5 : Taiwan will be establishing the 'Taipei Economic and Cultural Centre' in Mumbai to expand mutually beneficial trade and investment opportunities between Taipei and New Delhi."In recent years, cooperation between Taiwan and India has witnessed significant progress in numerous domains, including economics and trade, science and technology, critical supply chains, culture, education, and traditional medicine. In light of this development, the Taiwan government will establish the Taipei Economic and Cultural Center (TECC) in Mumbai in order to further deepen exchanges and cooperation between the two countries," the Ministry of Foreign Affairs, Taiwan stated.In 2012, TECC was set up in Chennai, after which nearly 60 per cent of all Taiwanese businesses investing and opening factories in India have chosen to develop their operations in southern India.The investments made by Taiwanese manufacturing industries have also benefitted Chennai and its surrounding areas. The establishment of the TECC in Mumbai is expected to have a similar effect in Western India, the release stated."India became the world's fifth-largest economy in 2022 and becomes the most populous nation this year. With its enormous market and related business opportunities, India has emerged as a major investment destination for global enterprises. Mumbai is the largest city in India, serving as the country's financial centre and boasting its largest port. Many countries have established consulates in Mumbai, including the United States, Japan, the United Kingdom, and Australia," the Ministry added in the release.According to the release, TECC in Mumbai will help expand mutually beneficial trade and investment opportunities between Taiwan and India. Under Taiwan's New Southbound Policy, it will also promote exchanges and cooperation in science and technology, education, culture, and people-to-people ties between Taiwan and Western India.Furthermore, the TECC in Mumbai will provide visa services, document authentication, and emergency assistance to businesspeople, tourists, and Taiwanese nationals in the states of Maharashtra, Goa, Gujarat, and Madhya Pradesh, as well as the union territory of Dadra and Nagar Haveli and Daman and Diu.The TECC in Mumbai will work in close coordination with the TECC in India and the TECC in Chennai to offer quality services to Taiwanese nationals and overseas compatriots, the release added.Enhancing Taiwan-India relations is consistent with the Taiwanese government's efforts to decrease economic reliance on China and with Taiwan's New Southbound Policy (NSP), which improves upon the efforts of several of her predecessors.Taiwanese businesses are increasingly interested in shifting business ties from China to India and policies that facilitate such cooperation could provide mutual benefits.The unfolding dynamic around Taiwan will have significant consequences for India's Act East Policy and its emerging role in the Indo-Pacific Region.Strengthening Taiwan-India ties within the rubric of the NSP also overlaps with Taiwan's relationships with Australia, the United States, and Japan.Because these three countries, along with India, have formed an Indo-Pacific entente cordiale called the "Quad" to maintain a rules-based order in the region, Taiwan-India ties can benefit from the positive synergy of collaboration in areas of trade, research, and even defence.Moreover, India and Taiwan may see a convergence of security interests that could be further developed through interactions between the strategic communities on both sides.A stronger relationship between India and Taiwan could increase tourism, improve research and development, and promote educational ties, all of which are mutually beneficial.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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