Hoping for India-Taiwan FTA; will encourage more Taiwanese firms to India: Chairman of Taiwan External Trade Development Council

New Delhi [India], September 26 (ANI): The Chairman of the Taiwan External Trade Development Council (TAITRA), James Chih-Fang Huang, expressed optimism about a prospective Free Trade Agreement (FTA) between India and Taiwan, stating that it would significantly boost Taiwanese investments and business partnerships in the country.

Speaking to ANI on Thursday during the Taiwan Expo 2025 trade show at Bharat Mandapam, Huang highlighted India pivotal role in Taiwan export strategy.

He stated that India has emerged as one of Taiwan most important export destinations, with exports to India.

We dont do Taiwan exports in any country. We select the most important trading partners of Taiwan for Taiwan exports. India is the country to which we export the most, six times already... India is already the fourth largest economy in the world... It has huge potential in the future. Taiwanese companies are very interested in coming to India, whether to invest, trade, or establish partnerships with Indian counterparts. The bilateral trade between our two countries is expected to double over the next 5 to 6 years. We are hoping that India and Taiwan can sign a free trade agreement... It will encourage more Taiwanese companies to come to India for business and investment, he stated.

Echoing this enthusiasm, Benjamin Lin, President of Delta Electronics India, a leading Taiwanese firm specialising in power and thermal management solutions, announced plans to expand the manufacturing footprint in the country.

We have just announced our new manufacturing site in Tamil Nadu... For the business in India, we always follow the Government support... In certain situations, we also need to observe and wait for a favourable response. Maybe this will be fixed very soon, he said.

Last week, Yu-Chi Chen, Executive Director of the Economic Division at the Taipei Economic and Cultural Centre in India, stated that bilateral trade between India and Taiwan is expected to reach a new record level in the 2025 calendar year.

Speaking with ANI on the sidelines of the Taiwan Expo 2025, Yu-Chi said, In recent years, after the pandemic, the bilateral trade with India has been growing every year. In 2024, we are expected to achieve a record high in bilateral trade, surpassing USD 10 billion, between India and Taiwan. This year, from January to August, it is already USD 8 billion from the bilateral trade.

She noted that Taiwan-India bilateral trade reached a record high of USD 10.6 billion in 2024, demonstrating strong momentum in economic cooperation.

It (bilateral trade between India and Taiwan) is expected that this year, we might break the record again. It is quite positive, she added. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.