New Delhi, October 9 (IANS). India is emphasizing on local manufacturing of end-to-end electronics products. Meanwhile, there are huge $15 billion opportunities for Taiwanese companies in sectors such as printed circuit boards (PCBs), electronic components and electric vehicle (EV) infrastructure, according to a new report.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI) report, other sectors like electric motor, CCTV and smart healthcare (fitness trackers, smartwatches, heart rate monitors) are also promising for Taiwan.
India has a target market of $60 billion for Taiwan in these sectors. Taiwan industry can invest in these sectors for the domestic market as well as for export.
The report estimates market demand across five key sectors to be worth $170 billion by 2030.
A strong partnership between Taiwan and India has mutual benefits. The findings highlight how Taiwanese companies can take advantage of India’s rapid development and contribute their high-tech expertise.
The combination of Taiwan’s technological advancements and India’s growing market will create a strategic path for both countries to prosper together, it said.
Investment-support initiatives including India Semiconductor Mission (ISM) and PLI scheme with emphasis on infrastructure and logistics make India an ideal partner for Taiwanese companies.
The report said India is in a better position than many South-East Asian countries to meet the needs of these strategic partnerships.
With its large skilled workforce, favorable business environment and strong government policies, India is emerging as a top destination for investment in sectors such as electronics manufacturing, green energy, EVs, smart cities and information and communications technology (ICT).
–IANS
SKT/AS
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