Indian envoy, official pitch for Taiwanese investment in GIFT City

Taipei, July 14 (CNA) A visiting Indian official in charge of regulating an international financial center in India on Monday pitched for more investment from the Taiwanese banking sector into the special economic zone to create a win-win for both sides.

The international financial center located in Gujarat state offers services in a separate economic and offshore jurisdiction within onshore India, Shri K. Rajaraman, chair of the International Financial Services Centres Authority (IFSCA) that oversees the Gujarat International Finance Tec-City (GIFT City), said at a Taipei media event.

The financial center provides a flexible, business-friendly regulatory environment in line with global standards, he said.

According to Rajaraman, at GIFT City, financial institutions can offer products and services in foreign currencies, including Taiwan dollars, serve international and Indian clients, and access India's vast talent pool -- all while enjoying significant tax and operational benefits.

Today, more than 850 entities operate in GIFT City, across banking, fund management, insurance, capital markets, fintech, aircraft and ship leasing and financing, professional service providers and foreign universities, Rajaraman said.

Rajaraman invites more Taiwanese businesses, in particular from the banking and finance sectors, to invest in the project, given the complementary economies between Taiwan and India, "so we believe that I think this partnership will help [in] two ways."

"Number one, Taiwanese technology can come to the vast Indian markets with [a population of] 1.4 billion, which is the largest population in the world, " he said.

Speaking during the same media event, India's representative to Taiwan, Manharsinh Yadav, said that due to changing geopolitics in recent years, Taiwanese companies are looking for new investment destinations.

"They would like to move away from some destination and would like to go to more friendly democratic destinations."

At the same time, India is fast developing its manufacturing sectors in those areas which are important to Taiwan, such as semiconductors and electronics," he said

"So this is a very opportune time, you know, a place is developing while Taiwan is seeking new destinations."

"We believe that this global supply chain shift will benefit both Taiwan and Indian companies if they come together. That is the job that we are trying to do, to marry them, to bring them together," the envoy said.

So far, Taipei Fubon Commercial Bank, and the largest privately owned bank in Taiwan, CTBC Bank, have both planned to open branches in GIFT City, he added.