Synopsis
The EPIC Foundation of India has partnered with Taiwan's TEEMA to enhance trade relations. This collaboration aims to facilitate Taiwanese investments in India and promote the global electronic value chain. Industry leaders highlight the importance of this partnership for economic growth and strategic influence in the Asia Pacific region.Key Takeaways
- EPIC Foundation signed an MOC with TEEMA.
- Aims to boost Taiwanese investments in India.
- Collaboration targets the global electronic value chain.
- Industry leaders emphasize economic growth opportunities.
- Taiwan's semiconductor role is crucial for India.
New Delhi, Feb 20 (NationPress) To strengthen trade connections between India and Taiwan, the non-profit EPIC Foundation has entered into a memorandum of cooperation (MOC) with the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) on Thursday.
This partnership aims to facilitate smooth investments from Taiwanese firms in India, while also advancing the autonomy of the global electronic value chain (GVC) to enhance bilateral trade.
TEEMA is a key trade organization that represents more than 3,000 Taiwanese electrical and electronic manufacturers.
EPIC will engage with select members of TEEMA to foster technical and investment collaborations with Indian firms.
Utilizing its expertise in techno-commercial strategy and its extensive network within the Indian market, EPIC will offer Taiwanese companies customized, India-specific insights and implementation support to ensure fruitful collaborations and business results.
“The enhancement of economic relations between Taiwan and India presents a significant opportunity to diversify partnerships and foster a more balanced geopolitical environment in the Asia Pacific region,” stated Dr Ajai Chowdhry, Chairman of EPIC Foundation.
“We are confident that our unified efforts to fortify the alliance between our countries will play a crucial role in propelling India's economic expansion and strategic stature on the global platform,” Chowdhry further remarked.
Taiwan's importance as a trading partner for India is evident through its substantial contributions to the global manufacturing and technology sectors.
TEEMA will facilitate EPIC's collaboration with selected member companies to establish technical and investment partnerships with prospective Indian firms.
Richard Lee, Chairman of TEEMA, emphasized that nurturing a robust alliance with India and enhancing our trade relations is vital.
“We are excited to have the steadfast support of EPIC Foundation, which will enable us to make considerable progress in this area. This partnership, founded on shared interests and mutual trust, will undoubtedly benefit both nations,” Lee stated.
Taiwan holds a leading position in global semiconductor manufacturing, with companies such as TSMC accounting for 78% of the world's fab manufacturing and 53% of the assembly, testing, marking, and packaging (ATMP) market.
Estimates suggest that the Indian semiconductor market will reach approximately $38 billion in 2023, with projections indicating growth to $109 billion by 2030.
