Enormous appetite for ties with India: Taiwan

Taipei, June 28

Taiwan’s Foreign Minister Jaushieh Joseph Wu on Wednesday said his country had an enormous appetite to expand ties with India. Firming up the proposed free trade agreement (FTA) between the two sides would be a big encouragement for Taiwanese companies to set up manufacturing bases in India, he said.

Wu said Taiwan had been encouraging its companies that no longer find the Chinese market profitable to shift their production facilities to India as it is now a “rising power” and has been witnessing rapid economic growth.

In an interaction with an international media group, he said an FTA between India and Taiwan would remove barriers to greater trade and investment ties and it would help Taiwanese companies to set up manufacturing hubs without paying high tariffs for various equipment and raw materials.

Taiwan produces over close to 70% of the world’s semiconductors and over 90% of the most advanced chips that are required for almost all electronic equipment, such as smartphones, car components, data centres, fighter jets and AI technologies.

India has been very keen on having a manufacturing facility for Taiwan Semiconductor Manufacturing Corporation (TSMC), the world’s largest chipmaker whose clients included Apple.

The Taiwanese foreign minister said Taipei has conveyed to New Delhi that the time has come for launching the FTA negotiations. The two sides have already conducted studies for the FTA and held preliminary discussions for the pact. PTI

‘Encouraging firms to shift to India’

• Foreign Minister Jaushieh Joseph Wu says Taiwan has been encouraging its companies that no longer find the Chinese market profitable to shift their production facilities to India.
• India, a rising power, has been witnessing rapid growth, he adds.

Need free trade pact

The proposed free trade agreement will encourage Taiwan firms to set up base in India. Jaushieh Joseph Wu, Taiwan foreign minister