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India’s economic interaction with Taiwan has gained momentum in the past decade with several bilateral agreements in agriculture, investments, heritage railways, civil aviation, DTAA, industrial cooperation, SME cooperation, and customs cooperation, among others.
As a part of "Look East" foreign policy, India has sought to cultivate extensive ties with Taiwan in trade and investment as well as developing co-operation in science & technology, environment issues and people-to-people exchanges.
Bilateral Economic Consultations Meetings between India and Taiwan are held annually and have been proven to be a success in bringing various mutual beneficial opportunities to both sides. Governments and industries of India and Taiwan will continue to engage closely in “Make in India, “Digital India,” “Skill India,” and “Startup India” initiatives for collective growth.
India and Taiwan signed a landmark Bilateral Investment Agreement in 2018 to promote investment flow between the two sides. The Agreement seeks to ensure protection for Taiwanese investments in line with international standards, as well as the safety and rights of Taiwanese investors in India.
In 2011, India and Taiwan signed a Double Taxation Avoidance Agreement (DTAA) and a Customs Cooperation Agreement to strengthen trade and investments.
The India-Taipei Association was established in Taipei in 1995 to promote non-governmental interactions between India and Taiwan, and to facilitate business, tourism, scientific, cultural and people-to-people exchanges.
The Taipei Economic and Cultural Centre in New Delhi is ITA's counterpart organisation in India. A Taipei Economic and Cultural in Chennai was established in 2012. It represents Taiwan government's interests in the southern states of India, as well as Sri Lanka and the Maldives.
The cumulative FDI inflows from Taiwan to India are worth $989.25 Mn for Apr 2000 to Jun 2024.
The bilateral trade between India and Taiwan is on the rise – it has increased from $2 Bn in 2006 to $8.9 Bn in 2021.
The MOU on Scientific and Technological Cooperation was signed between TECC and ITA in 2007. Bilateral joint meetings and academic seminars are held annually. As of Jan 2023, a total of 115 projects and joint proposals have been carried out while 25 seminars have been held bilaterally.
As of the end of 2021, around 106 Taiwanese companies have set up business operations in India, with a total investment amount of $1.5 Bn in the fields of information and communication technology, medical devices, automobile components, machinery, steel, electronics, construction, engineering, financial services.
In 2019, Foundation for International Cooperation in Higher Education of Taiwan signed an MOU with Association of Indian Universities, by which academic degrees and certificates recognized by one will be recognized by the other, allowing for greater research collaboration and exchanges by teachers and school administrators.
The first ever Taiwan Film Festival was hosted in India in 2018 in an effort to promote Taiwanese culture in India. The Film Festival was followed by a delegation of 25 youth ambassadors under Taiwan’ s International Youth Ambassadors Exchange Programme to boost ties among the youth of India and Taiwan.
Over the past decade, over 400 Indian students have availed themselves of scholarships offered by the ROC (Taiwan) government. At present there are 130,000 foreign students studying in Taiwan, of whom 2,800 students hail from India.
To strengthen the cultural ties, Taiwan’s Ministry of Culture and the National Gandhi Museum in India organized a week-long exhibition on Mahatma Gandhi’s life and teachings in Taipei to mark his 150th birth anniversary in Oct 2018.
In 2004, Taiwan began offering Indian students the Taiwan Scholarship and National Huayu Enrichment Scholarship to study Mandarin.
Taisys, headquartered in Taiwan is strategizing a $100 Mn investment in its Indian Subsidiary to spearhead crucial chip design initiatives aimed at advancing the automotive industry.
The company has signed a memorandum of understanding (MoU) with the government of Maharashtra, to manufacture electric vehicles, smart battery packs and battery swap stations, and to deploy battery swapping infrastructure in the state. As part of the proposed project, the government of Maharashtra will be providing financial assistance and support to the company. The proposed ‘ultra mega project’ is expected to generate approximately 10,000 direct and indirect jobs.
Taiwan's Pou Chen Group touted as the world's largest manufacturer of casual and athletic footwear for leading brands has signed a Memorandum of Understanding to invest in Tamil Nadu, India. According to the MoU exchanged between the Tamil Nadu Government and the Pou Chen group, the latter's group company, High Glory Footwear India Private Limited would invest INR 2,302 Cr (approximately $280 Mn) over a period of 12 years and help generate 20,000 jobs here.
The Karnataka government cleared the proposed INR 8,000 Cr investment by the Taiwanese Company Foxconn.
The project is to manufacture mobile devices and is expected to come up on the outskirts of Bengaluru, across the Doddaballapur and Devanahalli taluks.
Foxconn, the Taiwanese contract manufacturer of electronic goods for top global brands are planning six to seven products at their new facilities. These might be split between Hyderabad and Bengaluru.
The infrastructure deployment will be the world's largest sustainability-focused portable energy system to date. It will focus on offering open access for a variety of uses including battery swapping, smart electric vehicles, mobility sharing, demand response services and distributed energy storage, smart agriculture, and other applications.
Foxconn, the largest electronics manufacturer in the world held a meeting with the ministerial delegation from Maharashtra and discussed the advanced investment plans.
Taiwanese electronics giant Foxconn is looking at making electric vehicles in India, part of a larger diversification plan to expand its Asian manufacturing supply chain beyond China, according to people aware of developments at the contract phone maker for Apple.
Vedanta signs pact with Foxconn to manufacture semiconductors in India
Market access to about two billion people, including over .3 billion in India, stable industrial and political environment, availability of skilled work force in abundance and a shared cultural relationship have made India an attractive investment destination for Taiwan, said Ben Wang, director-general of Taipei Economic and Cultural Centre in Chennai.
India accelerates talks with Taiwan on $7.5 Bn chip plant, trade deal.
Foxconn's India arm plans IPO to raise INR 5,000 Cr
Pegatron, Apple's second-largest contract manufacturer, has registered a subsidiary in India, to expand the manufacturing capacity of iPhones in the country.
Foxconn Technology Group plans to expand their Sriperambudur Plant in Tamil Nadu. The investment will take place over 3 years and is expected to add 6,000 jobs at the plant.
Taiwanese Original Equipment Manufacturer (OEM), Wistron Corp. plans to invest $165 Mn to increase the production capacity of its facility in Narasapura near Bengaluru.
Taiwanese tyre major, Maxxis Group plans to invest $400 Mn on its first manufacturing plant at Sanand in Gujarat, where it is working to hike output to 60,000 units of two-wheeler tyres per day from the current 20,000 units a day, as part of the project's Phase I expansion.
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Ministry of Commerce & Industry
Delhi, India
India Taipei Association (ITA)
Taipei, Taiwan
Taipei Economic and Cultural Center (TECC)
Delhi, India
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The World's Most Innovative Investment Promotion Agency Award 2021 awarded by OCO Global
United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2020 for best practices in COVID response
Best Investment Project Award five years in a row - 2016 to 2020 at the Annual Investment Meeting (AIM) organized by the Ministry of Economy, UAE.
Great Place to Work Certification by GPTW Survey 2019
The UNCTAD Award 2018 for promoting investment in sustainable development
Great Place to Work Certification by GPTW Survey 2018
Investment Award 2016 from the Indian Ocean Rim Association (IORA)
United Nations Conference on Trade and Development (UNCTAD) Investment Promotion Award 2016 for excellence in partnering for investment promotion
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