Taiwan keen to boost investments in India
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Taiwan keen to boost investments in India

Last Updated: Sunday, January 31, 2010, 17:46
 
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Taiwan keen to boost investments  in India
New Delhi: Taiwan is keen to pump
investments into India, particularly in the Information
Technology sector, and hopes the Double Taxation Avoidance
Agreement (DTAA) would be signed by the year-end to help in
this regard.



The East Asian nation, over which China lays its claim,
also wants to contribute its expertise in agriculture and food
processing in India besides encouraging Indian students to go
for "efficient but cost effective" higher education in Taiwan.
The Taiwanese Representative (Ambassador) in India
Wenchyi Ong said trade between India and his country is too
meagre because of absence of political and diplomatic
relations for long and emphasised the need to give a speedy
push to this aspect.



"The economies of India and Taiwan are highly compatible.
We have to try to push the economic ties in every way," he
said.



"We were late because of the third party," he said
referring to China which had been opposing to Taipei having
any kind of independent relations with any country as it
considers Taiwan as its part.
There was scant interaction between India and Taiwan from
1949 to 1995. The relations got some momentum from 1995 when
Representative Offices of the either country were set up in
Delhi and Taipei.



Wenchyi noted that Indo-Taiwan trade is just USD 5.3
billion, accounting for mere one per cent of Taiwan`s total
foreign trade. "This is too little," he said.



The Taiwanese Representative hoped bilateral trade and
investment would get a boost once the DTAA is signed. He said
three rounds of talks have been held and the proposed
agreement is expected to be signed by the year-end.



The DTAA is a building block for the Free Trade
Agreement, he said.
Identifying IT as one of areas that have tremendous
potential for growth, Wenchyi said Taiwan has expertise in
manufacturing while India has excellence in designing and
these strengths need to be synergized.



"Through cooperation with Taiwanese companies, India can
become a hub of IT manufacturing with Indian brands," he said,
adding he was working in this direction and had held talks
with officials of companies like Wipro and HCL.



The Representative, who has been traveling across the
country exploring business opportunities for Taiwan, said he
had found Gujarat as "the right destination", particularly
considering the "warm response" of the state government and
Chief Minister Narendra Modi.
Wenchyi said agriculture is another area having potential
for cooperation.
"In agriculture technology, we are stronger than Israel,"
he said, adding it would be beneficial for boosting growth in
India, especially in states like Bihar and Madhya Pradesh.



Taiwan is also ready to offer expertise in the food
processing sector. The expertise, he said, could be used in
rural areas of India so that losses of food produce during
transportation is reduced. Also, it will help create jobs in
rural areas.



PTI



First Published: Sunday, January 31, 2010, 17:46


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