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India-Taiwan trade to touch $3 bn

Bilateral trade between the two countries is expected to grow on the back of growing ICT sector in the country.

india Updated: Oct 06, 2006 21:32 IST
Press Trust of India
Press Trust of India

Bilateral trade between India and Taiwan is expected to touch $3 billion this year on the back of growing ICT (Information, Communication and Technology) sector in the country, a Taiwanese expert said on Friday.

"The bilateral trade between both the countries in 2005 stood at $2.4 billion and this year it is likely to touch $3 billion, Representative, Taipei Economic and Cultural Centre, Andrew JC Kao told PTI in New Delhi.

In 2004, the bilateral trade was $1.92 billion he said adding in the coming days it will go up further.

India is presently, Taiwan's 25th largest trading partner, he said.

Talking about investment in India, he said so far the investment in the country is not very significant, it is even less than $1 billion but in the next 2-3 three years the investment may triple as the country offered the best opportunity for growth.

India is fast emerging as the alternative manufacturing base for IT manufacturer of Taiwan as is evident from the fact that Foxconn, a Taiwanese electronic component manufacturer evinced interest in setting up a special economic zone (SEZ) near Chennai.

The proposed SEZ is being jointly set up by US telecom equipment company Motorola with the planned investment of over $100 million.

He, however, said the investment environment in India has room for improvement and future investment would depend on it.

First Published: Oct 06, 2006 21:32 IST