Taiwan machine tool exports to India grow 11% in first six months of 2015

Taiwan's machine tool exports to India surged 11.6 per cent growth in the in the first half (January-June) of the calendar year.

The overall Taiwan–India bilateral trade touched $2.108 billion in the first five months of 2015, while Taiwan's exports to India contributed $1.28 billion, while imports from India touched $828 million.

''There is a clear cut synergy between the needs of the Indian manufacturing sector and the special characteristics of the Taiwanese machine tool industry," said Dr Lee Guann-Jyh, director of the conomic division of Taipei Economic and Cultural Center in India.

Dr Lee says as the world's fourth-largest exporter of machine tools and component, machine tools in Taiwan can offer products to a broad range of industries, including aerospace, automobiles, computers, energy, medical equipment as well as precision mould.

''The strengths of Taiwanese machine tools products include excellent quality, reasonable prices, integration and constant innovation and continuous value addition. In the future, we truly expect Taiwanese products to help speed up India's manufacturing energy and make a significant contribution to the Make in India initiative,'' he said at an event.

The event – 'Taiwan machine tools speed up a better India' - was organised by the bureau of Foreign Trade and implemented by the Taiwan External Trade Development Council (TAITRA).

TAITRA is a non-profit trade promotion organisation, with over 60 overseas offices around the world.

Taiwan now has become increasingly keen on investing in India. At present, there are more than 80 Taiwanese companies in India. Many Taiwanese companies have successfully expanded their business in the fields of electronics, machinery, food and textiles.

''Establishing good economic and trade relationships with India has always been the goal of Taiwan. We are optimistic that India's future economic growth will be stronger given its 1.2 billion population and the demand driven by its young and aspirational middle class. The huge, upcoming  public-private sector infrastructure projects is expected to drive growth further. No doubt, the Indian market holds enormous potential for Taiwanese companies,'' Dr Lee added.