Nick NI, Chief of Staff of the Bureau of Foreign Trade, Ministry of Economic Affairs (2nd from left), Walter YEH, President & CEO of the Taiwan External Trade Development Council (TAITRA, 3rd from right), Guang-Jhe Chen, Director of the TAITRA (1st from right), Sridharan Madhusudhanan, Director of the India-Taipei Association (3rd from left) and key buyers from South Asia in a group photo at the opening ceremony of the 2019 South Asian Business Day.
To further strengthen our economic and long-term trade collaobration with South Asian Countries, the Bureau of Foreign Trade (BOFT) under the Ministry of Economic Affairs (MOEA) commissioned the Taiwan External Trade Development Council (TAITRA) to hold the 2019 South Asia Business Day at the Taipei International Convention Center on October 1 this year. A total of 41 international buyers from India, Bangladesh, Sri Lanka and Pakistan were invited to Taiwan to purchase and attend 400 one-on-one trade sessions with Taiwanese businesses.
Invitees to this year’s event included India’s largest retailer, North India’s largest iron & steel manufacturer, Sri Lanka’s major construction and medical group, and Bangladesh’s major plastics corporation, etc. The products on offer included machinery equipment, electric car parts, green energy water cleansers and home automation products just to name a few.
Chief of Staff of the BOFT, Mr. Nick NI said that India, Bangladesh, Sri Lanka and Pakistan are potential markets the world is vying to enter and are suitable for trade, investment, and business cooperation, and are therefore highly important targets for Taiwan. We warmly welcome South Asian enterprises to come to Taiwan to find quality suppliers and investment partners. Additionally, the Ministry of Economic Affairs cooperated with the Indian government in establishing the one-stop service window “Taiwan Plus” to assist Taiwanese and Indian businesses find partners, with an aim to help them seize opportunities in a fastest and most efficient way.
President & CEO of TAITRA, Mr. Walter YEH said in his remarks that the South Asian market has become the new destination for manufacturers and brands. Despite the recent global economic slowdown, GDP growth in the South Asian region is expected to reach 6.8% this year, which is much higher than the world average of 3.3%. Specifically, the population of the South Asia region makes up one quarter of the global population, hence its huge domestic demand is a golden opportunity for Taiwan.
Participation in the activities this year indicated the willingness of South Asian buyers on purchasing Taiwanese products. For instance, an Indian buyer pointed out that they were willing to cross into the electric vehicle industry because of the sheer size of India’s market and that they came to Taiwan to look for suitable auto parts suppliers. Moreover, as our smart home products are very unique, buyers have expressed high interest and looked forward to engaging in further talks with Taiwan manufactures.
In order to continue assisting Taiwanese businesses expand into emerging markets, the BOFT will hold an African Business Day in November this year to explore opportunities in the African market and develop bilateral economic and trade exchanges so as to seize more opportunities for collaborate between the industries of both sides.