Foxconn, Pou Chen, and Gogoro are some of the leading companies that have invested in India. Many more are exploring their expansion strategies.
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Bilateral trade between India and Taiwan is increasing progressively. Trade between the two countries mainly comprises mineral fuels, aluminium, iron, steel, organic chemicals, plastics electronic integrated circuits, and electrical machinery.
According to the Taiwan government’s official data, India is its 17th-largest trading partner and 14th-largest export destination. Trade between India and Taiwan was worth US$8.45 billion (Rs 69,687 crore) in 2022, growing by about 9.8% over 2021. During the year India’s exports to Taiwan were worth US$3.14 billion (Rs 25,896 crore) while Taiwan’s exports to India amounted to US$5.31 billion (Rs 43,792 crore).
Estela Chen, Executive Director, Economic Division, Taipei Economic & Cultural Center- India said, “There are more than 250 Taiwanese companies already in India, who have made a combined investment of around $4 billion (Rs 32,988 crore) in the country.”
The number and interest of such Taiwanese companies, that are exploring strategic expansion in the Indian market, is rising rapidly. Besides Foxconn, many other Taiwanese electric vehicle component companies are interested in India.
Foxconn assembles Apple iPhones at a factory in Tamil Nadu. Earlier this month it had announced plans to invest US$600 million in two projects in Karnataka. It is also looking to set up a semiconductor manufacturing unit in India. A subsidiary of Taiwanese footwear maker Pou Chen signed a memorandum of understanding (MOU) with the Tamil Nadu government to set up a non-leather footwear manufacturing plant in the state. Gogoro, a battery swapping firm, recently signed an agreement with Maharashtra for smart battery packs and battery swap stations.
Ms Chen noted that with the rapid growth of the Indian economy, many more companies are focusing on the Indian market.
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