Taiwan is pitching India as apotential business destination to its tech, auto, renewable energy and farmsector firms as the United States' trade war with China has pushed itscompanies to look for newer markets, two officials said on Friday.
More than 10,000 Taiwanesecompanies, including Apple suppliers Foxconn and Wistron have massiveoperations in China, thanks to its tax incentives, organised supply chain andlogistics, efficient business parks as well its cultural ties to the island.
But a trade war betweenWashington and Beijing has led to higher tariffs on goods worth tens ofbillions of dollars and disrupted global supply chains, prompting companies tolook at other countries to escape higher tariffs.
"This trade war hasencouraged more Taiwanese companies to figure out other options. So India andalso other ASEAN countries are the alternative markets," Shih-Chung Liu,vice chairman of Taiwan External Trade Development Council, told reporters.
The Association of SoutheastAsian Nations (ASEAN) is a regional block comprising ten nations in SoutheastAsia, which promotes economic, political and military ties between members.
Beijing maintains that Taiwan, anisland 110 miles (177 km) off the Chinese mainland, does not qualify for formaldiplomatic ties with any country. And though India has no formal relation withTaiwan, Taipei runs an Economic and Cultural Center in capital New Delhi, whichoperates as a de facto embassy.
Taiwanese firms are looking toinvest in India's technology, renewable energy, electric vehicle and farmsectors, Liu said.
"India is among the mostimportant markets, among those 18 new southbound policy countries.".
Taiwan's southbound policyfocuses on strengthening ties in the areas of culture, tourism, education andtrade with 18 southeast and south Asian countries.
