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Overseas Community Affairs Council, Republic of China(Taiwan)
Culture Center of Taipei Economic and Cultural Office in Los Angeles (Santa Ana) , U.S.A.
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Taiwanese and Indian business groups sign letters of intent
Taipei, Oct. 12 (CNA) Taiwan's Chinese National Federation of Industries and the Federation of Indian Chambers of Commerce and Industry (FICCI) signed 21 letters of intent in Taipei Thursday to increase economic cooperation between the two countries.
The signing took place at the Taiwan-India Industrial Collaboration Summit which is being held on Thursday and Friday.
The event invited over 70 representatives from India, including Ajay Sawhney, secretary of India's Ministry of Electronics & Information Technology and FICCI representative Manish Sharma.
Taiwan's Deputy Economic Affairs Minister Kung Ming-hsin said at the event that India's economic growth has exceeded an annual average of 7 percent in the last three years, while Taiwan is also trying to implement an industrial innovation plan. That combination, he said, allowed for great opportunities for cooperation between the two countries.
Kung said that setting up platforms for cooperation should not be delayed as bilateral exchanges in education, culture and tourism were becoming more frequent.
Sawhney said the electronics market in India is currently growing and is backed by its population of 1.3 billion people, of which over 20,000 engineers enter the labor force every year.
He encouraged Taiwanese businesses to invest in India, adding that the Indian government has set up specially-assigned people to assist Taiwan's investors.
According to Taiwan's Department of Investment Services, Taiwanese investments in India amounted to US$6 billion as of December 2016.
Sub-forums were also arranged at Thursday's event targeting industrial trends such as electronic manufacturing, smart city and green technology, as well as smart automotive components.
Ajay Sawhney, secretary of India
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