NEW DELHI: Keen to tap the huge Indian market, on Monday, Taiwanese business leaders said that the scope for investment in this country has increased with the new government adopting pro-business policies.
A business delegation from Taiwan, which has expertise in IT and electronic, is looking for business opportunities in India and use its geographical proximity to the markets of Africa, Middle East and South Asian markets.
"We see a chance for cooperation between Taiwan and India because of Modi's policy. Modi's government is more pro business and pro investment... It has adopted a very strong policy for the foreign companies to invest in India," Yen Shiang Shih, delegation leader told PTI.
According to Shih, who was earlier minister of economic affairs of Taiwan, the Taiwanese firms have invested around $10 billion in mainland China and now they are looking to diversify it to India, reported by PTI.
"Taiwanese companies mainly focused on mainland China, which also has a huge domestic market. We poured lot of resources on China and invested around $10 billion. But now the Taiwanese companies want to diversify, particularly in the South Asia region using India as a centre," he said on the sidelines of Taiwan India Joint Business Councils Meeting held here at Ficci.
Shih further added: "So I see our investment in India. We expect much faster investment and trade between India and Taiwan".
Taiwan has very strong IT industry such as semiconductors, IC and India imports them.
However, he also added that the Indian government should provide assistance to the Taiwanese firms as they are not familiar with India.
According to Chung Yu Wang, chairman of Chinese International Economic Cooperation Association, Taiwan which consists mainly small and medium business enterprises face some challenges to get in here.
"We are suggesting Indian government to have more open policy for small and medium enterprises. Indian government is attracting huge investments by big companies... But it would also need small and medium size enterprises to support them," Wang said.
Big companies would ultimately need vendors to support their product and that would be through small and medium size enterprises only.