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Taiwan investors showing great interest in India: MOEA

2019/05/15 20:23:52

Taipei, May 15 (CNA) Taiwanese companies are keen to invest in India, the fastest growing economy in South Asia, as they are optimistic about its economic development, the Ministry of Economic Affairs (MOEA) said Wednesday.

Citing data from its Investment Commission, the ministry said Taiwanese investment in India in 2018 jumped 10 times higher than the previous year, from US$30.56 million to US$361 million.

The 2018 figure accounted for more than 50 percent of the total US$718 million worth of Taiwanese investment in India to date, the MOEA said.

Chen Hsiu-chuan (陳秀全), deputy director of the MOEA's Department of Investment Services, said India has been attracting Taiwanese tech companies because of its strengths in information communications technology (ICT) and software development.

Taiwanese companies have also been encouraged by the "Make in India" initiative, which was launched by Indian Prime Minister Narendra Modi in 2014 to provide incentives to investors, Chen said.

The growth of Taiwanese investment in India has been impressive, although the total investment has been small compared with the amount invested in countries listed in the Taiwan government's New Southbound policy, he said.

India has become one of the emerging markets that Taiwan investors have been watching closely, while the New Southbound Policy is aimed at strengthening cooperation with key players in Southeast Asia, South Asia, Australia and New Zealand, Chen said

According to the Taiwan External Trade Development Council (TAITRA), 106 Taiwanese companies are currently operating in India with total investments of US$1.5 billion in the financial, machinery, ICT, machinery, chemical, transportation, construction, metal, footwear, and agricultural industries.

In Delhi and Mumbai, clusters of Taiwanese ICT firms can be found, TAIRA said

In 2017, India was the world's seventh largest economy, its annual economic growth was more than 7 percent and its population was 1.3 billion.

(By Liao Yu-yang and Frances Huang)