India-Taiwan bilateral trade to reach US$10 bil

Taiwan on Wednesday said it expects trade with India to reach US$10 billion in the next three to four years, Press Trust of India (PTI) reported.

"We expect India and Taiwan bilateral trade to touch US$10 billion in the next three to four years, going by the healthy growth rate in the recent past," Taipei Economic and Cultural Centre in India representative, Wenchyi Ong, said.

He was talking to reporters on the sidelines of the Taiwan Excellence Campaign 2012 function here.

In 2011, the two-way trade between the two countries stood at US$7.4 billion.

Ong, however said, this year is going to be a difficult year as trade has slowed down due to global economic conditions.

"Therefore, we are going to double our efforts to increase the trade volumes this year too," he added.

On investments by Taiwanese companies in India, Ong said, "India is an important market for Taiwan. We were late but now we want to make up by increasing the number of Taiwanese companies presence here".

"As many as 30 companies from Taiwan are expected to invest in India in sectors such as agriculture, electronics, information and communication telecommunications and infrastructure", Ong said.

At present, about 80 Taiwanese companies are operating in India in various sectors.

However, Indian companies presence in Taiwan is still negligible.