MSME is a key area for trade, investment and collaboration between India and Taiwan: Expert

New Delhi, Oct 6 (KNN) Micro, Small & Medium Enterprises (MSME) Sector  is one of the key areas for trade and investment and collaboration between India and Korea, said Dr. Yen-Shiang Shih, former Minister, Ministry of Economic Affairs and Chairman, India Committee of Chinese International Economic Cooperation Association (CIECA).

He said this while addressing the 16th Joint Meeting of India-Taiwan Business Cooperation Committee organized by FICCI, with a high-powered business delegation from Taiwan.

Highlighting the areas of cooperation that can be explored by India and Taiwan, Dr. Yen-Shiang Shih said that MSME, innovation, S&T, steel and e-commerce, were some of the key sectors for trade and investment and collaboration.

He added that the meeting has provided a platform to Indian and Taiwanese businesses to better understand the business climate in the respective countries and promote bilateral trade and investment regime.

Vandana Kumar, Joint Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India, said that, “India and Taiwan have had a robust dialogue and active engagement over the years and now is the time to accelerate the pace of bilateral trade and investment to deepen this partnership further.”

She said that Taiwan had robust Electronics System Design and Manufacturing (ESDM) sector and urged the delegation present to consider collaboration with India in this sector for the ‘Make in India’ program for the world. She added that the government was aware of the challenges and was working towards improving the business environment in the country and was committed to facilitate Taiwan’s investments in the country.

Chung-Kwang Tien, Representative, Taipei Economic and Cultural Centre in India, said that Taiwan’s industry should take advantage of India’s strategic location as it is a gateway to the world.

Also, India offers a huge market and unlimited labour force at reasonable wages.  However, he added that as India is a diversified country, Taiwanese must study India’s culture and ethos to understand the process of how business works here.

Tien said that it is essential for Taiwanese businesspersons to forge reliable partnerships with Indian players. Taiwanese must also have patience as the regulations and policies are different in India and they may take some time to establish themselves.  He added that tourism is one area which the India and Taiwan must explore as it has huge potential.          

Sidharth Birla, Past President, FICCI, said that Taiwan is an integral part of India’s Act East policy and a springboard to the larger East Asian community. Trade between the two countries has gone up to US$ 6 billion and there are 90 Taiwanese enterprises in India which have invested about US$ 88 million.