As Taiwan observes its National Day on October 10, it is forging ahead into new economic collaborations and strengthening bilateral trade ties with India. In stark contrast to the modest $2 billion recorded in 2006, the current trade volume between the two nations has surged to over $7 billion. James C F Huang, Chairman of the Taiwan External Trade Development Council, emphasised in an exclusive conversation with Financial Express Online that Taiwan's focus extends beyond mere trade expansion. The country is actively engaging in supply chain cooperation and aims to join hands with India on its journey to becoming a significant global economic powerhouse.

Huang pointed out that industrial collaboration is poised to intensify due to shifting geopolitical dynamics. Taiwan is well-positioned to be India's suitable partner, particularly in technology. He expressed unwavering confidence in India's rise as an economic superpower and believes that Taiwan can play a pivotal role as its ally. According to him, supply chain cooperation will be of paramount importance in this partnership, given India's geopolitical aspirations in the 21st century.

The collaboration in the supply chain domain is viewed as a catalyst that will unlock economic synergies between Taiwan and India. Taiwan actively seeks partnerships in areas where it excels. "We can provide expertise in technology and collaborate on smart solutions, especially in green energy, smart cities, and other significant sectors. Our focus this year has been on Smart City solutions, smart manufacturing, smart medical solutions, and Smart Agriculture, as well as innovative technologies. We are proactively seeking collaborations in these vital areas," added Huang.

Source: The Financial Express