India Inc to Taiwan to explore business

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2010-05-31 06:47:20 - Nksagar: New Delhi- May 31,2010.Taiwan’s rapid development
from an agricultural economy to an electronics and technology exporting country
is truly a ‘miracle’ in the history of economic development. Taiwan s economy w
hich rose from rags to riches genuinely one of the ‘Four Asian Tigers’ alongside
Singapore, South Korea and Hong Kong.
A high-level delegation led by a senior government official and top executives f
rom leading companies Sunday embarked on a six-day tour of Taiwan to explore bus
iness opportunities.Amid Taiwan s keen interest to step up investments in India,
the delegation, led by Rakesh Singh, Additional Secretary in the Department of
Information Technology of the Union Communications Ministry, will meet top offic
ials and
executives of Taiwanese companies.
The visit of the delegation is part of India s Look East Policy , Pradeep Kumar
Rawat, Indian Representative in Taiwan, said in a statement.India does not have
diplomatic relations with Taiwan as China considers it a part of it.
Taiwan is a world leader in manufacturing units and has helped brands like Nokia
and Hewlett Packard to build 3G communication systems.As part of its new policy
of investing in developing and resurgent markets, Taiwan is interested in colla
borating with Indian IT companies so that they can retrieve the domestic markets
by building their own brands.
Taiwan has a self- propelled capitalistic economy which is loosening its arms of
government control in the guidance of private investment and foreign trade. Exp
orts have provided the primary impetus for industrialization. The trade surplus
is significant and the foreign reserves are the world’s third largest. The total
value of trade increased more than fivefold in the 1960’s. In the first half of
this decade, exports grew 60%. Exports composition changed from predominantly a
griculture commodities to industrial goods. The export composition of industrial
goods is as high as 98% in the present scenario. This meliorating condition can
not only be attributed to the efforts of the domestic governments but also to U
SA which invested lump sum in Taiwan for this development. Today, the major expo
rting industries are electronics, optical and precision instruments, information
and communications products, textile products, basic metals, plastic and rubber
products. The major export markets include China and Hong Kong. The major impor
ts are electronics, optical and precision instruments, information and communica
tions products, machinery and electrical products, chemicals, basic metals, tran
sport equipment, crude oil, etc. The major importing partners are Japan, China a
nd Hong Kong. Exports generate 70% of Taiwan’s GDP growth. This heavy dependency
on foreign trade has made the economy today vulnerable to downturns in world de
mand. It is few of those countries which are effectuated by the economic fluctua
tions very easily. Moreover, Taiwan’ s birth rate of only one child per women is
among the lowest in the world, raising the prospect of future labour shortages
and declining tax revenues. This, therefore poses a great threat to the future o
f the great ‘Taiwan Miracle’.
The delegation includes Vijay Malhi of Moser Baer, Rajesh Raizada of HCL Infosys
tems, Anand Prasad Arkalgud of Infosys, Ajay Nijhawan of Reliance Haryana Specia
l Economic Zone.Senior officials of the Union ministries of Commerce and Communi
cation and representatives of state governments are also part of the delegation.
A Taiwanese delegation of 12 heavy-weight industrialists had visited India for a
week early this month.
David HSU, Director of Economic Division, Taipei Economic and Cultural Centre in
 New Delhi, said trade relations between India and Taiwan have been developing s
moothly and steadily in the last years.He noted that more than 40 trade delegati
ons from Taiwan visited India every year during the last three years to explore
trade and investment opportunities.Visits by trade groups from India to Taiwan a
re comparatively less, and therefore more India trade delegations are welcome to
Taiwan to further expand their business in Taiwan market, he said
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