New Taiwan-India innovation alliance announced

A new platform for cooperation between Taiwanese and Indian companies in the area of innovation was announced on Friday. A number of government officials and business leaders were present at the 2017 India Taiwan Cooperation Forum held in Taipei.

The head of the India-Taipei Association, Mr Sridharan, spoke of the advantages for both sides in greater exchanges between companies in innovation.

"I believe cooperation on innovation between Taiwan and India can be a win-win. India is already the world's third-largest ecosystem for creative industries, and by 2020 the country will be home to 10,500 innovation companies. Many of these companies provide services. Many Taiwanese companies meanwhile offer hardware solutions, so I feel our strengths are complementary," said Sridharan.

Mr Sridharan pointed out that India is the world's fastest growing economy, possessing a massive population with a young demographic structure. He said the market for consumer electronics in the country is already worth US$400 billion a year and offers ample opportunities for Taiwanese businesses.

India is one of the target countries of the government's New Southbound policy, which seeks greater trade and cultural ties with countries in South and Southeast Asia, as well as Australia and New Zealand.

Source: Radio Taiwan International