New Delhi, Oct 9
As India doubles down on local manufacturing of end-to-end electronics products and more, there lies a massive $15 billion opportunity for Taiwanese companies across sectors like printed circuit boards (PCBs), electronic components and electric vehicle (EV) infrastructure, according to a new report.
Other sectors like electric motors, CCTV and smart healthcare (fitness trackers, smartwatches, heart rate monitors etc) also hold promise for Taiwan, according to the report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
The current target market in India for Taiwan in these areas is worth $60 Billion and Taiwan industry can invest in these areas for catering not only to domestic market but also exports.
The report projects an estimated market demand of $170 billion by 2030 across five key sectors -- creating a highly attractive opportunity for Taiwanese companies, given their strengths in these sectors.
Highlighting mutual benefits of a stronger partnership between Taiwan and India, the findings show how Taiwanese companies can tap into India's rapid growth while contributing to it through their high-tech expertise.
"Taiwan's technological advancements combined with India's expanding market offers a strategic path for both countries to prosper together," it noted.
The pro-investment initiatives, including the India Semiconductor Mission (ISM) and the Production-Linked Incentive (PLI) scheme, combined with a strong emphasis on infrastructure and logistics enhancements, position India as an ideal partner for Taiwanese companies seeking global expansion.
The report noted that India holds a particularly advantageous position compared to many Southeast Asian nations in fulfilling these strategic partnership needs. India represents a major derisking strategy for Taiwanese electronics enterprises across the value chain.
With its large, skilled workforce, a favourable business environment, and robust government policies, India is emerging as a top destination for investments in sectors such as electronics manufacturing, green energy, EVs, smart cities, and information and communication technology (ICT) -- areas that align with Taiwan's expertise and priorities.