New Delhi, Feb 20 : In a bid to boost trade partnerships between India and Taiwan, non-profit EPIC Foundation on Thursday signed a memorandum of cooperation (MOC) with Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA).
Through this, EPIC Foundation aims to facilitate seamless investments by Taiwanese companies in India, while promoting global electronic value chain (GVC) autonomy to drive bilateral trade relations.
TEEMA is a prominent trade group, representing over 3,000 Taiwanese electrical and electronic manufacturers.
EPIC will collaborate with select TEEMA member companies to drive technical and investment partnerships with Indian counterparts.
Leveraging its expertise in techno-commercial strategy and extensive network within the Indian ecosystem, EPIC will also provide Taiwanese companies with tailored, India-specific insights and execution support to ensure successful partnerships and business outcomes.
“The strengthening of economic ties between Taiwan and India offers a compelling opportunity to diversify partnerships and promote a more balanced geopolitical landscape in the Asia Pacific region,” said Dr Ajai Chowdhry, Chairman of EPIC Foundation.
“We firmly believe that our concerted efforts to deepen the alliance between our nations will be instrumental in driving India’s economic growth and strategic influence on the global stage,” Chowdhry added.
Taiwan’s significance as a trade partner for India lies in its major role in the global manufacturing and technology sectors.
TEEMA will enable EPIC to work closely with selected member companies to drive technical and investment partnerships with prospective Indian companies.
Richard Lee, Chairman of TEEMA, said that fostering a stronger alliance with India and deepening our trade relations is of paramount importance.
“We’re thrilled to receive unwavering support from EPIC Foundation, enabling us to make significant strides in this direction. This collaboration, built on shared interests and mutual trust, will undoubtedly yield benefits for both nations,” said Lee.
Taiwan holds a dominant position in semiconductor manufacturing globally with firms like TSMC, with its companies accounting for 78 per cent of the world’s fab manufacturing and 53 per cent of the assembly, testing, marking, and packaging (ATMP) market.
Industry estimates place the Indian semiconductor market at approximately $38 billion in 2023, with projections indicating growth to $109 billion by 2030. (IANS)