In the first five months of 2015 (January-May), bilateral trade between India and Taiwan stood at $2.1. Taiwanese exports to India contributed $1.28 billion, while imports from India touched $828 million. Bilateral trade between countries stood at $6 billion in 2014 and over 70 Taiwanese companies have invested in India since 2013. Taiwan’s machine tools exports to India have grown by 11.6 per cent in the first two quarters of 2015 (January-June). Taiwan, world’s fourth-largest exporter of machine tools and components, can offer products to a broad range of industries, including aerospace, automobiles, computers, energy, medical equipment as well as precision mold.
Director (Economic Division) of the Taipei Economic and Cultural Center in India, Lee Guann-Jyh has said that there is a clear-cut synergy between needs of the Indian manufacturing sector and the special characteristics of the Taiwanese machine tool industry. Further, he stated that ‘we truly expect Taiwanese products to help speed up India's manufacturing energy and make a significant contribution to the Make in India initiative’.
Additionally, he emphasized that the upcoming public-private sector infrastructure projects are expected to drive growth and said that the Indian market holds enormous potential for Taiwanese companies. India's future economic growth will be stronger, given its 1.2 billion population and the demand driven by its young and aspirational middle class.