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Taiwan sees huge market potential in India

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DQW Bureau
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For the third time, Taitronics India 2009, an interna­tional trade

exhibition, was held from Sep 11-13, Sep 2009 at Chennai Trade Center. The event

was jointly organized by the Taipei World Trade Center Company (TWTC), an

affiliate of Taiwan External Trade Development Council Taiwan Electrical and

Electronic Manu­facturers' Association, in partnership with Government of Tamil

Nadu and Confederation of Indian Industry.

Briefing the press about the event, Wayne Wu, Deputy Chairman, TWTC said,

“The outstanding performance of the Indian economy over the last few months has

made Taiwanese manufacturers eager to seek business opportunity in this giant

market through the Taitronics India show.”

According to a report by Federation of Indian Chambers of Commerce and

Industry, India-Taiwan trade reached $5.3 billion in 2008, a nine percent

increase from the previous year.

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Wenchyi Ong, a representative from Taipei Economic and Cultural Center in New

Delhi said, “Taiwan has been working very hard over the past years with regard

to Indian market. We have three offices in India that work hand-in-hand to

improve economic ties with India by boosting trade and strengthening the

business relationship.”

“The trade last year was at an all-time high at $5.3 billion, which is just

one percent of total Taiwan foreign trade. Over the past seven years, the

investment from Taiwan to India is about $1 billion, has been less than one

percent of total foreign investment,” he said.

Pointing out the $110 million investment made by Foxconn in India, he noted

that the total investment by Taiwan in a small country like Malyasia is $90

billion, while the investment in India is just 1.2 percent of investment made in

Malaysia. “All these indicate that there is a huge upside potential in India,”

he mentioned.

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“Worst part of financial crisis is pretty much behind us. Robust growth is

expected in the fourth quarter and next year. Taiwan expects the trade figure to

triple to $15 billion in the next three years,” he concluded.

Chun-Fang Hsu, Deputy DG-Bureau of Foreign Trade, Ministry of Economic

Affairs said, “Bilateral relationship between Taiwan and India has improved

significantly since 1990. Both the governments have launched efforts to

significantly expand the trade and investment in the field of IT, energy,

telecommu­nications, and electronics. In 2008, the trade was valued at $5.34

billion, an increase of 9.5 percent over the previous year. Every year, our

government invests a significant amount of money to help the companies build

their own brand and improve the industry's quality.”

The event will host 180 exhibitors in 240 booths, more than double from last

year's 111 booths. Few key participants in the event include, Asus Tek, BenQ and

KYE, which owns the Genius brand.

Taiwanese companies make nearly three quarters of world's personal computers

and about half of the world's liquid crystal displays.

Taiwan's exports to India have grown steadily in recent years, and in 2008,

it rose by more than 27 percent to $3.2 billion from $2.5 billion in 2007, based

on information from Taiwan's Directorate General of Customs.

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