India and Taiwan to boost supply chain partners in the new world trade order
India can be a trusted supply chain partner of Taiwan, which leads in hi-tech manufacturing in the Asian region, remarked Edison Hsu, Director, Taipei World Trade Center Liaison Office in Mumbai at an interactive meeting organized for an in-bound Taiwan Trade Mission at WTC Mumbai. Notably, India ranks as Taiwan’s 14th largest export destination and 18th largest source of imports. Bilateral trade between the two countries totaled US$8.45 billion in 2022, representing an increase of 9.8% over the previous year.
In 2022, India's exports to Taiwan amounted to US$3.14 billion, consisting of mineral fuels, aluminum, iron, steel, organic chemicals, plastics, and articles thereof, while Taiwan's exports to India amounted to US$5.31 billion, consisting mainly of primarily of plastics, electronic integrated circuits, organic chemicals, electrical machinery, iron, and steel. “The time has come for India and Taiwan to reimagine their economic relationship. Both countries can be reliable trade partners at a time when the global supply chain faced a series of shocks right from the pandemic to the Russia-Ukraine war and the prolonged lockdown in China.
I invite Indian companies to participate at the Taiwan Expo, which is scheduled from October 5 to 7, 2023 at Mumbai. More than 50 Taiwanese firms will be actively exploring new supply chain partners from India at the Expo and this opens a promising window to strengthen bilateral commercial relationships,” said Hsu. The incoming Taiwan Trade Mission was hosted jointly by World Trade Center Mumbai and All India Association of Industries (AIAI).
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