India Inc to Taiwan to explore business

India Inc to Taiwan to explore business

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2010-05-31 06:46:53 - Nksagar: New Delhi- May 31,2010.Taiwan’s rapid development from an agricultural economy to an electronics and technology exporting country is truly a ‘miracle’ in the history of economic development. Taiwan's economy which rose from rags to riches genuinely one of the ‘Four Asian Tigers’ alongside Singapore, South Korea and Hong Kong.

A high-level delegation led by a senior government official and top executives from leading companies Sunday embarked on a six-day tour of Taiwan to explore business opportunities.Amid Taiwan's keen interest to step up investments in India, the delegation, led by Rakesh Singh, Additional Secretary in the Department of Information Technology of the Union Communications Ministry, will meet top officials and
executives of Taiwanese companies.

The visit of the delegation is part of India's 'Look East Policy', Pradeep Kumar Rawat, Indian Representative in Taiwan, said in a statement.India does not have diplomatic relations with Taiwan as China considers it a part of it.

Taiwan is a world leader in manufacturing units and has helped brands like Nokia and Hewlett Packard to build 3G communication systems.As part of its new policy of investing in developing and resurgent markets, Taiwan is interested in collaborating with Indian IT companies so that they can retrieve the domestic markets by building their own brands.

Taiwan has a self- propelled capitalistic economy which is loosening its arms of government control in the guidance of private investment and foreign trade. Exports have provided the primary impetus for industrialization. The trade surplus is significant and the foreign reserves are the world’s third largest. The total value of trade increased more than fivefold in the 1960’s. In the first half of this decade, exports grew 60%. Exports composition changed from predominantly agriculture commodities to industrial goods. The export composition of industrial goods is as high as 98% in the present scenario. This meliorating condition can not only be attributed to the efforts of the domestic governments but also to USA which invested lump sum in Taiwan for this development. Today, the major exporting industries are electronics, optical and precision instruments, information and communications products, textile products, basic metals, plastic and rubber products. The major export markets include China and Hong Kong. The major imports are electronics, optical and precision instruments, information and communications products, machinery and electrical products, chemicals, basic metals, transport equipment, crude oil, etc. The major importing partners are Japan, China and Hong Kong. Exports generate 70% of Taiwan’s GDP growth. This heavy dependency on foreign trade has made the economy today vulnerable to downturns in world demand. It is few of those countries which are effectuated by the economic fluctuations very easily. Moreover, Taiwan’ s birth rate of only one child per women is among the lowest in the world, raising the prospect of future labour shortages and declining tax revenues. This, therefore poses a great threat to the future of the great ‘Taiwan Miracle’.
The delegation includes Vijay Malhi of Moser Baer, Rajesh Raizada of HCL Infosystems, Anand Prasad Arkalgud of Infosys, Ajay Nijhawan of Reliance Haryana Special Economic Zone.Senior officials of the Union ministries of Commerce and Communication and representatives of state governments are also part of the delegation.A Taiwanese delegation of 12 heavy-weight industrialists had visited India for a week early this month.

David HSU, Director of Economic Division, Taipei Economic and Cultural Centre in New Delhi, said trade relations between India and Taiwan have been developing smoothly and steadily in the last years.He noted that more than 40 trade delegations from Taiwan visited India every year during the last three years to explore trade and investment opportunities.Visits by trade groups from India to Taiwan are comparatively less, and therefore more India trade delegations are welcome to Taiwan to further expand their business in Taiwan market, he said

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