New Delhi, May 8 (KNN) India and Taiwan are witnessing a significant boost in economic partnership, with industry leaders projecting bilateral trade could reach USD 25 billion through increased investment and technology sharing.

During a high-level business delegation's visit to India, Peter Huang from the Taiwan External Trade Development Council highlighted India's potential as an untapped market for Taiwanese firms, especially in sectors like electronics, auto components, machinery, food processing, and medical devices.

"Our commercial relation is growing from strength to strength. India is a friendly and hospitable country for Taiwanese industry," Huang said, marking the 15th such business delegation to India.

Vijay Kalantri, Chairman of MVIRDC World Trade Center Mumbai, described the India-Taiwan economic relationship as being "at an inflection point," citing India's recent conferment of the Padma Bhushan award to Foxconn CEO Young Liu as a testament to the strengthening bond.

The Taipei Economic and Cultural Centre (TECC) is also planning to open its third office in India, underscoring the deepening ties.

Currently, bilateral trade stands at USD 8 billion, with Taiwan exports to India accounting for USD 6 billion and imports from India at USD 2 billion.

"Both countries should grow bilateral trade to USD 25 billion from the current level through partnership in investment and technology cooperation," industry leaders noted.

Taiwan has identified India as a critical partner under its 'New Southbound Policy,' and the two nations have also signed migration agreements to facilitate the employment of Indian workers in Taiwanese industries.

(KNN Bureau)