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Taipei: Taiwan has ‘enormous appetite’ for expanding ties with India and consolidation of proposed free trade agreement between the two sides would be ‘great encouragement’ Taiwanese companies To establish manufacturing bases in India and FM Taiwan Josiah Joseph Wu He said.
Wu said Taiwan encourages its companies that no longer find the Chinese market profitable to shift their production facilities to India because it is now a “rising power” and is experiencing rapid economic growth.
In an interaction with an international media group, he said that the Free Trade Agreement between India and Taiwan will remove barriers to greater trade and investment relations and will help Taiwanese companies establish manufacturing centers without paying high customs duties for various equipment and raw materials.
Taiwan produces nearly 70 percent of the world’s semiconductors and more than 90 percent of the most advanced chips required for nearly all electronic equipment such as smartphones, automotive components, data centers, fighter jets, and artificial intelligence technologies.
India was very keen to have a manufacturing facility for Taiwan Semiconductor Manufacturing Corporation (TSMC), the world’s largest chipmaker whose customers included Apple.
Taiwan’s foreign minister said Taipei had told New Delhi that it was time to start FTA negotiations. The two sides have already conducted studies on the free trade agreement and held preliminary discussions on the agreement.
Wu said the FTA will be a “great encouragement” for our companies to set up manufacturing bases in India as the trade agreement will provide tariff relief on various aspects including bringing various equipment and related materials into the country.
“Our trade relations have gained strength. Taiwanese investors are hungry for India and the semiconductor cooperation between Taiwan and India is blessed by the top leadership of the two countries,” he said.
The foreign minister said Taipei will continue to encourage Taiwanese businessmen, who no longer find the Chinese market profitable, to invest in India.
“What we see is a very prosperous future bilateral relationship between India and Taiwan and we will continue to work hard to further enhance it,” he said.
Wu said that Taiwan wants to be able to counter the threat of the Chinese army and Beijing’s economic coercionAdding that Taipei needs international support.
“We will continue to reach out to the world to attract more global support, especially from federal democracies. Our relations with India have gained strength in the past few years,” Wu added.
“India is a rising power, it is rising rapidly. It cannot be ignored especially with its demographic dividend and very hardworking business people. India has its economic strengths for the future. It will be very strong. And of course, we hope we will continue our good relations with India,” he added.
The Taiwanese foreign minister said that Taiwan’s relations with India in the areas of trade, investment, people-to-people and cultural relations have witnessed a great recovery in the past few years.
He said Indian films are “enchanting” to the Taiwanese people.
“We will continue to strengthen our relations with India. There is a great desire on our part for closer cooperation with India and we will try every region to see what happens,” he added.
Praising India’s success in the space sector, Wu said Taipei is seeking cooperation with New Delhi in this field.
“I would like to congratulate India on its G20 presidency and wish the upcoming G20 summit a great success. As a friend of India, we want India to succeed in major international events such as the G20,” Wu said.
On new areas of cooperation, the Taiwanese foreign minister identified parliamentary participation between the two sides as a priority for Taipei.
“We hope that there will be more interaction between governments with each other. There are limited interactions so far. We hope that we can break down some barriers in order to have better political relations with each other,” he said.
“It should work for our bilateral relations. We also want more investment in India. India is interested in semiconductor industries that will operate in India. We have more intention to work with the Indian government and achieve a free trade agreement.” He said.
China maintains that Taiwan is a breakaway province that must be reunited with the mainland, and if necessary by force. China regularly sends fighter jets to Taiwan’s air defense zone and deploys warships near the self-ruled island.
India does not have formal diplomatic relations with Taiwan, but both sides have trade and people-to-people ties.
In the wake of the border dispute with China in eastern Ladakh, some experts in India are pushing for an upgrade in New Delhi’s relations with Taipei, particularly in the trade and investment sectors.
Wu said Taiwan encourages its companies that no longer find the Chinese market profitable to shift their production facilities to India because it is now a “rising power” and is experiencing rapid economic growth.
In an interaction with an international media group, he said that the Free Trade Agreement between India and Taiwan will remove barriers to greater trade and investment relations and will help Taiwanese companies establish manufacturing centers without paying high customs duties for various equipment and raw materials.
Taiwan produces nearly 70 percent of the world’s semiconductors and more than 90 percent of the most advanced chips required for nearly all electronic equipment such as smartphones, automotive components, data centers, fighter jets, and artificial intelligence technologies.
India was very keen to have a manufacturing facility for Taiwan Semiconductor Manufacturing Corporation (TSMC), the world’s largest chipmaker whose customers included Apple.
Taiwan’s foreign minister said Taipei had told New Delhi that it was time to start FTA negotiations. The two sides have already conducted studies on the free trade agreement and held preliminary discussions on the agreement.
Wu said the FTA will be a “great encouragement” for our companies to set up manufacturing bases in India as the trade agreement will provide tariff relief on various aspects including bringing various equipment and related materials into the country.
“Our trade relations have gained strength. Taiwanese investors are hungry for India and the semiconductor cooperation between Taiwan and India is blessed by the top leadership of the two countries,” he said.
The foreign minister said Taipei will continue to encourage Taiwanese businessmen, who no longer find the Chinese market profitable, to invest in India.
“What we see is a very prosperous future bilateral relationship between India and Taiwan and we will continue to work hard to further enhance it,” he said.
Wu said that Taiwan wants to be able to counter the threat of the Chinese army and Beijing’s economic coercionAdding that Taipei needs international support.
“We will continue to reach out to the world to attract more global support, especially from federal democracies. Our relations with India have gained strength in the past few years,” Wu added.
“India is a rising power, it is rising rapidly. It cannot be ignored especially with its demographic dividend and very hardworking business people. India has its economic strengths for the future. It will be very strong. And of course, we hope we will continue our good relations with India,” he added.
The Taiwanese foreign minister said that Taiwan’s relations with India in the areas of trade, investment, people-to-people and cultural relations have witnessed a great recovery in the past few years.
He said Indian films are “enchanting” to the Taiwanese people.
“We will continue to strengthen our relations with India. There is a great desire on our part for closer cooperation with India and we will try every region to see what happens,” he added.
Praising India’s success in the space sector, Wu said Taipei is seeking cooperation with New Delhi in this field.
“I would like to congratulate India on its G20 presidency and wish the upcoming G20 summit a great success. As a friend of India, we want India to succeed in major international events such as the G20,” Wu said.
On new areas of cooperation, the Taiwanese foreign minister identified parliamentary participation between the two sides as a priority for Taipei.
“We hope that there will be more interaction between governments with each other. There are limited interactions so far. We hope that we can break down some barriers in order to have better political relations with each other,” he said.
“It should work for our bilateral relations. We also want more investment in India. India is interested in semiconductor industries that will operate in India. We have more intention to work with the Indian government and achieve a free trade agreement.” He said.
China maintains that Taiwan is a breakaway province that must be reunited with the mainland, and if necessary by force. China regularly sends fighter jets to Taiwan’s air defense zone and deploys warships near the self-ruled island.
India does not have formal diplomatic relations with Taiwan, but both sides have trade and people-to-people ties.
In the wake of the border dispute with China in eastern Ladakh, some experts in India are pushing for an upgrade in New Delhi’s relations with Taipei, particularly in the trade and investment sectors.
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