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India and Taiwan to boost economic ties with 'Taiwan Expo' in New Delhi

India and Taiwan to boost economic ties with 'Taiwan Expo' in New Delhi

Industry News
Apr 18,18

With an objective to strengthen economic and trade ties between Taiwan and India, Taiwan External Trade Development Council (TAITRA), recently announced to host the first ever ‘Taiwan Expo’ at the Pragati Maidan, Hall No. 11 in New Delhi, India on May 17-19, 2018. The logo of the expo was launched at the press conference held in Delhi, along with details of the participants. Dignitaries from TAITRA, Som Mittal, Chairman of FICCI Electronics & White Goods Manufacturing Committee, Champak Raj Gurjar President, Federation of all India IT Associations (FAIITA), Prof. N K Goyal, President of CMAI Association of India and other distinguished guests were also present at the occasion.

Taiwan Expo that made its debut in ASEAN countries last year was a huge success and has created a mark in the global exposition market. The Indian edition of the expo will showcase Taiwan’s latest technologies, eco-friendly products besides offering a much-needed platform to boost ties in cultural, tourism and educational fields between the two countries.

“The prime objective of the Taiwan Expos is to create a platform to encourage cooperation between different industrial verticals leveraging on Taiwan’s advanced technology and industry experience. It is heartening to see that there has been a growth in trade and economic ties between India and Taiwan over the years. Trade between the two sides increased from US $1.2 billion in 2000 to $ 6 billion in 2016 and there are nearly 90 Taiwanese companies working in different sectors of the Indian economy,” said Walter M S Yeh, President & CEO of TAITRA, who also stressed that there is a scope to create synergies between India’s Act East policy and Taiwan’s Southbound policy.

Taiwan Expo in New Delhi will feature eight themed pavilions along with eight specialised industry exhibition areas dedicated to diverse industry verticals including green products, smart cities, EV Alliance, healthcare, tourism, food processing machinery, textiles, automobiles, sports, agriculture, ICT products, Mandarin education and business service. Around 130 handpicked vendors from Taiwan will present their high-quality products and services at the much-awaited event.

Interestingly, Taiwan has transformed from hardware manufacturers to developing products using artificial intelligence (AI), Internet of Things (IoT) and virtual reality (VR) in the last few years. India had last year signed an economic cooperation agreement with Taiwan, which allows Taiwanese companies to acquire a majority stake in their Indian partner firms.

“India and Taiwan have an annual bilateral trade which currently stands at $ 3 billion per annum. Considering the close economic ties between the two countries, we expect the annual trade will grow manifolds in the years to come on the back of our fresh investments. Taiwan Expo is being organised in India at a very conducive time when many companies in both the countries are keen to tie-up with each other for economic benefits,” said Yeh.

In parallel, the Taiwan Expo will host a series of activities including one-on-one trade meetings, seminar of Smart Medical Innovation- Brightens Up Your Life!, seminar of Taiwan Smart Industry trend, India-Taiwan EV Forum, Taiwan Cultural Performances and other range of exciting events. The expo will open daily, 10am-6pm, and admission is free.

The press conference also witnessed an insightful presentation by Vincent Chang, Sales Head of Asia Pacific and Intercontinental Region, Advantech on ‘Embracing the Industry 4.0 Opportunity’.