Taiwanese firms are in the process of setting up an IT and electronics cluster in Bengaluru which will deepen their engagement in the domestic market, Taiwan’s Ambassador to India Chung-Kwang Tien said. He also said with the ongoing US-China trade conflict, Taiwanese companies are looking to expand beyond the Chinese market and India can be a major beneficiary.
“With recent trade war between US and China, there are people with second thoughts to put their business and investment to some other country. India definitely comes to the picture. That is very important and very timely,” Chung-Kwang Tien told PTI.
He was speaking after unveiling a mobile showroom ‘TE Rig’ that will go to different parts of India with technology products from Taiwanese firms and give consumers hands-on experience.
Asked about Taiwan’s stand on Huawei, which is facing US sanctions, he said, “Huawei, we put a lot of caution. Our government has already realised that.”
He said India’s geographic location, closer to the Middle East and Africa, large talent pool and big population makes it an attractive destination for investment.
“There are 100 of Taiwanese companies that are operating in India. Now we are going to set up information and communication technology and electronics cluster in Bengaluru which can house 120 companies. Then the engagement of Taiwanese firms will be more organised. The cluster will be operational in 2020-21,” he added.
The annual bilateral trade between India and Taiwan jumped from USD 1.2 billion in 2000 to USD 7 billion last year. It is expected to rise to USD 20 billion in the next few years.
“Recently Taiwan and India have signed bilateral investment agreement which means Taiwanese investment in India will be protected. India is largest democracy in the world which means there is minimal interference in businesses. These are the factors that make India an attractive destination,” the ambassador said.