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Trade conflict between the United States and China drove up
Taiwan's foreign direct investment (FDI) in India to more than
$665 million in the five years to 2023, said James Huang,
chairman of the Taiwan External Trade Development Council.
That compared with democratically-ruled Taiwan's FDI of nearly
$277 million in India during the decade from 2006 to 2017, Huang
said in an interview on Monday.
"It is evident that more Taiwanese companies are moving supply
chains out of China and are establishing them in India," he
added.
Like most countries, India has no formal ties with
Chinese-claimed Taiwan, but the two have established a close
business relationship, with India keen on more investment from
the major chip-producing nation to aid its efforts to boost
manufacturing.
China claims Taiwan as its own territory, a claim Taiwan
rejects. India also has difficult relations with China,
particularly over a disputed shared border, that led in 2020 to
their deadliest clash in decades.
Taiwan's Powerchip Semiconductor Manufacturing Corp partnered
this year with India's Tata Group to build the first
semiconductor fabrication facility in western Gujarat state,
relying on a $10-billion incentive scheme.
"We have programs to bring in Indian students and talents to be
trained in Taiwan in semiconductors and that would pave the path
for our future co-operation," Huang said.
Taiwan's supply chain shift has focused on mobile telephone
assembly industries and footwear, he added.
Two-way trade between India and Taiwan stood at $10.1 billion
during the fiscal year ending in March 2024.
(Reporting by Shivangi Acharya; Editing by Clarence Fernandez)
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