Taiwan is aiming to lessen its trade reliance on mainland China by enhancing ties with India and Southeast Asian markets through Taiwan Expo 2024. Scheduled for July 8-10, 2024, at the Bharat Mandapam convention centre in New Delhi, this seventh edition is organized jointly by the International Trade Administration (TITA), Ministry of Economic Affairs (MOEA), and Taiwan External Trade Development Council (TAITRA).
This event aims to strengthen trade relations between Taiwan and India, with 120 Taiwanese companies participating, matching pre-Covid levels. “Southeast Asian countries, including India, are major focus markets for Taiwan. India has emerged as a new regional manufacturing hub, attracting more Taiwanese companies to explore opportunities here. We see a significant shift in the semiconductor supply chain to India”, said Keven Cheng, deputy executive director of TAITRA while speaking to TTG Asia during an event in New Delhi discussing the upcoming expo.
Earlier this year, TATA Electronics of India partnered with Taiwan's Powerchip Semiconductor Manufacturing Corporation (PSMC) for the forthcoming US$11 billion AI-enabled semiconductor fabrication plant in Dholera, Gujarat. After a five-year break, Taiwan Expo returned to Jakarta, Indonesia (May 16-18). The final Taiwan Expo of the year is scheduled for Bangkok, Thailand (November 21-23).
“We organize nearly 30 trade shows in Taipei annually, inviting buyers from Asia to events such as Computex, TIMTOS (Taipei International Machine Tool Show), and TAITRONICS (Taipei International Electronics Show). We aim to diversify our trade away from mainland China, and we are already witnessing growth in business from Southeast Asia and Indian markets”, added Cheng.
From January to May 2024, Taiwan and India saw their bilateral trade volume increase by 26 percent compared to the corresponding period in the previous year. Taiwan's global export growth rate during this timeframe rose by 9.1 percent from the previous year, with exports to India specifically surging by 28.1 percent.