Taiwan: Exercise to deepen relations with India, Taiwan will set up economic-cultural center in Mumbai.

Taiwan government said that it will set up Taipei Economic and Cultural Center (TECC) in Mumbai with the broad objective of further deepening cooperation with India. Currently, Taiwan has TECCs in Delhi and Chennai. Taiwan’s decision to set up TECC in India’s financial capital Mumbai comes at a time when major Taiwanese companies are shifting their production bases from China to India, the US and Europe and North America amid a growing Chinese military presence around the self-ruled island. Countries considering relocating.

Relations between China and Taiwan have become more tense after US House Speaker Nancy Pelosi’s visit to Taiwan in August last year. India is keen to have production facilities of major Taiwanese chip makers, including Taiwan Semiconductor Manufacturing Corporation (TSMC), the world’s largest chip maker, whose customers include Apple.

In a statement, Taiwan’s foreign ministry said the decision to set up the TECC in Mumbai reflects the “significant progress witnessed in recent years in cooperation between India and Taiwan in the areas of trade, critical supply chains, science and technology, culture and education”. taken into account. It added that in light of this development, the Taiwan government will set up the Taipei Economic and Cultural Center in Mumbai to further deepen exchanges and cooperation between the two countries.

Since TECC in Chennai was established in 2012, nearly 60 per cent of all Taiwanese businesses investing and opening factories in India have chosen to develop their operations in southern India, the statement said. The Ministry of External Affairs said, Chennai and its surrounding areas have benefited from investments made by Taiwanese manufacturing industries. The setting up of TECC in Mumbai is expected to have a similar impact in western India. It also mentioned India’s growing economic power and demographic dividend.

The ministry said, India to become the fifth largest economy in the world in 2022 and the most populous country this year. With its vast market and associated business opportunities, India has emerged as a major investment destination for global enterprises. The TECC in Mumbai will help expand mutually beneficial trade and investment opportunities between Taiwan and India, the statement said. Also under Taiwan’s New Southbound Policy, it will also promote exchanges and cooperation in science and technology, education, culture and people-to-people relations between Taiwan and western India.

In addition, TECC in Mumbai will provide visa services, document authentication and emergency assistance to businessmen, tourists and Taiwanese nationals in the states of Maharashtra, Goa, Gujarat and Madhya Pradesh as well as the Union Territories of Dadra and Nagar Haveli and Daman and Diu. and Daman and Diu,” the statement said.

Explain that there is no formal diplomatic relations between India and Taiwan, but bilateral trade relations are increasing continuously. In 1995, New Delhi established the India-Taipei Association (ITA) in Taipei to promote dialogue and facilitate trade, tourism and cultural exchanges between the two sides. ITA has also been authorized to provide all consular and passport services. In the same year, Taiwan also established the Taipei Economic and Cultural Center in Delhi.