Taipei, July 14 (CNA) The Chung-Hua Institution for Economic Research (CIER), one of Taiwan's leading think tanks, said Fridayit will hold a seminar on economic cooperation between Taiwan and India on July 24.
The CIER said it will join with the Indian Council for Research on International Economic Relations (ICRIER) in holding the forum, called Taiwan-India Economic Cooperation: State of Play and Prospects, during a visit to Taiwan by council representatives from July 22 to 27.
Research fellows from both sides will deliver speeches on the investment environments in Taiwan and India, detailing the economic fundamentals of the two countries, trends in bilateral trade, and their policies and stances on external trade, the Taiwanese think tank said.
The participants in the forum are also expected to discuss possible cooperation in transportation, logistics, information communications technology, food processing, auto/motorbike component production, the distribution and retail business, and human resource development, it said.
The CIER said Taiwan and India have forged close business ties, and it expected bilateral economic exchanges will continue to grow.
According to the institute, bilateral trade between the two countries totaled US$7.56 billion (NT$226.8 billion) in 2011, up 177.9 percent from US$2.72 billion in 2006.
During those six years, Taiwan's exports to India grew 201.4 percent, while the island's imports from the South Asian country rose 151.2 percent, the CIER said.
The CIER and its Indian counterpart are also currently studying the possibility of Taiwan and India signing an economic cooperation agreement, a project launched at the request of the two countries' governments in early 2011.
Several challenges, however, in particular cultural and language barriers, have prevented many Taiwanese companies from investing in India, the think tank said, and it hoped the upcoming forum would help Taiwan's business sector gain a better understanding of the Indian market.
(By Lin Hui-chun and Frances Huang)