Taiwanese firms stand to gain $15 billion in high-tech manufacturing opportunities in India: FICCI report
- In Reports
- 06:54 PM, Oct 09, 2024
- Myind Staff
A recent report highlights a $15 billion opportunity for Taiwanese companies operating in sectors such as printed circuit boards (PCBs), electronic components, and electric vehicle (EV) infrastructure, as India intensifies its domestic production of end-to-end electronics products. Taiwan could benefit from other industries such as electric motors, CCTV, and smart healthcare (heart rate monitors, smartwatches, fitness trackers, etc.), according to a report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Taiwan's industry can invest in these areas to serve both the domestic and export markets, as the current target market in India is valued at $60 billion. Given Taiwanese companies' strengths in these sectors, the report projects an estimated $170 billion in market demand across five key sectors by 2030, presenting a highly attractive opportunity for them.
The results highlight the advantages of closer ties between Taiwan and India and demonstrate how Taiwanese businesses can benefit from India's rapid economic growth by leveraging their high-tech know-how. "Taiwan's technological advancements combined with India's expanding market offers a strategic path for both countries to prosper together," it noted.
India is a great partner for Taiwanese companies looking to expand internationally because of its pro-investment initiatives, such as the Production-Linked Incentive (PLI) scheme and the India Semiconductor Mission (ISM), along with improved logistics and a robust economy. According to the report, India is in a better position than many other countries in Southeast Asia to meet these needs for strategic partnerships. Taiwanese electronics companies use India as a key derisking strategy throughout the value chain.
India is becoming a top investment destination in industries like electronics manufacturing and green energy thanks to its large, skilled workforce, supportive business environment and strong government policies. the information and communication technology (ICT) and electric vehicle (EV) sectors that complement Taiwan's priorities and areas of expertise.
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