Taiwanese auto component companies targeting Indian market

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auto-componentsTuesday, September 09, 2014: Taiwanese business delegation is looking up to the Indian market with an aim to tap the Indian Auto sector. It makes it a more evident that after the Modi government took the charge of country, foreign delegates have started looking after India as a profitable venture for the business expansion purpose.

The auto component companies have their plans to make the country self-sufficient export hub, to supply the markets in South East Asia, Middle East Africa by setting up manufacturing base for electronic, precision machinery parts and IT.

Bennet Wen-Bin Chen, Taiwan’s Deputy Director General of the Department of Investment Services, Ministry of Economic Affairs told PTI, “Demand of automobile (in India) would increase and for Taiwanese companies it’s a booming market. They have the capability and want a right partner to enter into this market”. He even mentioned that the Taiwanese companies will take the advantage of the cost effectiveness of the country and will serve the overseas market from India.“We consider India not only for the domestic market but also possibility to use India as a manufacturing base to enter into South Asia, Middle East”, he said.

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Chen commented upon the improved business environment under Modi reign, “business environment has improved and our Taiwanese companies are more confident in operating in this country whether trade or investment.”

He believes that there are many fields in auto segment in which Taiwanese companies specialises such as tire, electronics, precision tools and accessories. “We are very strong in electronic as we have an expertise for all kind of electronic products to be used by car as GPS. We are quite good in supplying the GPS related work. We are also looking in the auto accessories market, precision machineries to make auto parts. We supply all kind of machine tools,” he mentioned.

Chen was representing a delegation of 21 traders and investors from Taiwan in the automobile electronics and auto parts manufacturing sectors to India. The delegations made visits to various automobile manufacture companies such as Mahindra, Suzuki, Tata, Honda, Toyata and Volvo at the Indian auto hubs, including Pune, Jamshedpur, and Bangalore. Taiwan had made the overseas sales of almost $11.2 billion in 2013 out of which $35 million was exported to India.

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