India-Taiwan trade prospects look promising in 2021: TAITRA

The prospects for India-Taiwan bilateral trade, which was hit hard this year due to disruptions caused by the COVID-19 pandemic, look promising in 2021, according to the Taiwan External Trade Development Council (TAITRA).

The overall restructuring of supply chains will give India a very unique place and attract many Taiwanese companies to invest in the country, TAITRA chairman James CF Huang said.

"Given the current context of the US-China trade war and disruption of the pandemic through global supply chains, we have to take into consideration not just cost but also the resilience of supply chains, national security as well as health of the people," Huang told PTI.

Expressing optimism about the prospects of India-Taiwan bilateral trade in 2021, he said: "I believe we will be able to resume at least to the 2019 level, which is USD 5.7 billion".

The TAITRA chief said this year's bilateral trade figure would be smaller than last year due to the impact of the pandemic witnessed in slowdown of businesses globally.

"We have seen quite a few major Taiwanese companies bring in new investments to India in the past couple of months and I am sure this trend will continue," Huang said.

The Bureau of Foreign Trade and TAITRA organised the third edition of 'Taiwan Expo' virtually earlier this month.

The Expo hosted over 650 meetings to connect 270 companies including 150 from India and 120 from Taiwan to explore future business opportunities.