Taipei Economic and Cultural Center to come up in Mumbai
Recently Taiwan has announced the establishment of new “Taipei Economic and Cultural Center” (TECC) in Mumbai.
TECC will help expand mutually beneficial trade and investment opportunities between Taiwan and India.
Due to India’s ‘One China Policy’, formal diplomatic relations have not been established between India and Taiwan. In the absence of the Embassy, TECC will act as the representative of Taiwan’s interests in India.
The establishment of TECC is part of Taiwan’s ‘China-plus-one strategy’. It aims to encourage businesses to expand their operations outside China while maintaining their presence in China.
India-Taiwan Relations
- Bilateral trade between the two countries was projected to increase nearly six times from $1.19 billion in 2001 to about $7.7 billion in 2021.
- Under its New Southbound Policy, Taiwan will promote exchanges and cooperation in science and technology, education, culture and people-to-people ties between Taiwan and India.
Importance of Taiwan for India –
- Taiwan produces about 70 percent of the world’s semiconductors and more than 90 percent of the most advanced chips needed for almost all electronic equipment.
- India has wider interests in maintaining peace and status quo in the Taiwan Strait. The Taiwan Strait is a major point of trade for India.
- Taiwan can play an important role in India’s industrial upgrading and hi-tech development.
- Taiwan plays an important role in balancing China economically and technologically.
Source – The Hindu
