Government aims to strengthen Taiwan-India economic ties

- Advertisement -

On December 2, the Ministry of Foreign Affairs named Chennai, the fourth largest city in India and a key information communications technology hub, as the location for Taiwan’s second representative office on the subcontinent. This welcome development comes at a time when ties between the two nations are going from strength to strength, further underscoring the value of viable diplomacy as championed by ROC President Ma Ying-jeou.

Greenlighted by the Indian government in October after two years of negotiations, the office represents a breakthrough for the Ma administration in its efforts to expand Taiwan’s economic and cultural clout with a rising global economic power. Although the MOFA is playing its cards close to its chest as to the opening date, sources familiar with the matter expect the facility to be up and running in the first quarter of next year.

Much like the Taipei Economic and Cultural Center in New Delhi, the office will assist Taiwan businesses, tourists and students but with a focus on Southern India. This mission makes sense as the region is rapidly becoming a major center for Taiwan-headquartered companies operating in India.

- Advertisement -

The links between Chennai and Taiwan also encompass TAITRONICS India, the largest overseas trade show staged for the island’s electronics sector by the Taiwan External Trade Development Council (TAITRA). Established in 2007, the showpiece event chalked up US$18.2 million in contracts at last year’s edition, a three-fold increase from 2009.

A key component of the push to enlarge this potential laded relationship took effect in August. The bilateral customs pact streamlines clearance procedures and enhances trade security, allowing for the establishment of an information exchange system that makes it easier for both countries to clamp down on tariff evasion and smuggling.

The agreement also contains provisions for negotiating a preferential tariff arrangement and serves as a steppingstone for Authorized Economic Operator Companies—entities complying with supply chain standards under the World Customs Organization—to cut import processing costs. This is of great benefit to Taiwan exporters and will help deepen their involvement in global trade.

Another noteworthy Taiwan-India development took place in the same month when a pact abolishing double taxation came into force. Covering business and personal income, the agreement lets investors pay tax only in the country where they maintain long-term bases of operation.

As Taiwan-India relations continue to strengthen, both sides can look forward to broader economic and cultural exchanges. This win-win outcome will be a boon for bilateral cooperation, forging a lasting partnership for prosperity on the global stage.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Orb Energy Gets $20 Mn From US-based DFC

0
The startup plans to offer collateral-free solar loans to its commercial and industrial customers Bengaluru-Headquartered solar startup Orb Energy recently announced that it has secured...

Waaree Raises Rs 1000 Crores From Private Funding

0
India’s green energy sector expects to get a boost with the latest funding As per the latest reports, Waaree Energies Limited has fetched around Rs...

Aparajitha Acquires Simpliance Tech

0
The compliance service provider takes up 76% equity stake in Simpliance Aparajitha Corporate Services Private Limited, India’s leading compliance service provider recently announced the acquisition...

Exclusive

Orb Energy Gets $20 Mn From US-based DFC

0
The startup plans to offer collateral-free solar loans to its commercial and industrial customers Bengaluru-Headquartered solar startup Orb Energy recently announced that it has secured...

Waaree Raises Rs 1000 Crores From Private Funding

0
India’s green energy sector expects to get a boost with the latest funding As per the latest reports, Waaree Energies Limited has fetched around Rs...

Aparajitha Acquires Simpliance Tech

0
The compliance service provider takes up 76% equity stake in Simpliance Aparajitha Corporate Services Private Limited, India’s leading compliance service provider recently announced the acquisition...

Important Sectors

Orb Energy Gets $20 Mn From US-based DFC

0
The startup plans to offer collateral-free solar loans to its commercial and industrial customers Bengaluru-Headquartered solar startup Orb Energy recently announced that it has secured...

Waaree Raises Rs 1000 Crores From Private Funding

0
India’s green energy sector expects to get a boost with the latest funding As per the latest reports, Waaree Energies Limited has fetched around Rs...

EcoEnergy Insights Fetches Award For IoT Services

0
The company's BluEdge™ Command Centers got recognition at the awards A Carrier company and AI & IoT solutions provider EcoEnergy Insights recently earned the "Best...

Asteria Aerospace Recieves First Micro Category Drone Certification

0
A200 can also be used to impart pilot training. The A200 drone was fully compliant with the Certification Scheme for Unmanned Aircraft Systems notified in...
EV

Increase in EV Prices Push Away the Potential UK and US Buyers

0
Only 5% of UK and US respondents currently use EV. As per Juniper Research survey, 66% of UK and 61% of US respondents are not...

Manufacturing

Orb Energy Gets $20 Mn From US-based DFC

0
The startup plans to offer collateral-free solar loans to its commercial and industrial customers Bengaluru-Headquartered solar startup Orb Energy recently announced that it has secured...

Sanmina & Reliance JV To Boost Electronics Hardware

0
The joint venture will create a state-of-the-art ‘Manufacturing Technology Center of Excellence' Sanmina Co, a leading integrated manufacturing solutions company recently declared the completion of...
EV

Increase in EV Prices Push Away the Potential UK and US Buyers

0
Only 5% of UK and US respondents currently use EV. As per Juniper Research survey, 66% of UK and 61% of US respondents are not...

Indian EV Startup Euler Motors Raises $60 Million

0
The company intends to increase its production capacity and broaden its offerings range Delhi-based EV Startup Euler Motors secured a sum of $60 million in...

Intel: Quantum Chip Production Hits Major Milestone

0
The research was conducted using Intel’s second-generation silicon spin test chip The Intel Labs and Components Research organizations recently announced that they achieved the industry’s...