This was disclosed by the representative of Taipei Economic and Cultural Centre in India, Wenchyi Ong here on Monday, while briefing the mediapersons at the sidelines of the Taiwan Textile Fair organized by Taiwan Textile Federation with the support of Worldex India. The two-day fair put on display a host of textile items manufactured in Taiwan.

Ong said that the growing trade and economic relations with India and Taiwan necessitated conclusion of ATA carnet - a simplified arrangement for import and export of goods meant for exhibitions and fairs. Incidentally, Taiwan has sponsored 43 trade delegations to India and is intending to increase this number as also number of fairs to be held in India.

He said that Taiwan and India would conclude a double taxation avoidance treaty sometime next year and together with ATA carnet, which would provide a valuable instrument for promoting trade and investment between the two countries. He informed that presently, Taiwanese investment in India was only $ 1 billion as compared to $ 300 billion in China. “We are drawing up a roadmap for enhancing this investment in a variety of sectors like ICT, food processing and textiles. We have a considerable presence in ICT sector in India and our efforts are now focused on high-end textiles and food processing,” he said and added that Taiwan was capable of supplying both textiles and equipment.

Ong said that Taiwanese businessmen were interested in selling to Indian customers high-ended textiles - the brands exclusively produced by the Taiwanese companies. He said that Taiwanese textile companies were targeting at only five per cent of India's over a billion population since the price tag was higher on account of the high technology (like nano technology) application involved in the production such as nylon chips. He clarified that Taiwan was more focused on mass production of textiles and is now focusing customized production. “ For massive sourcing of textile products, India can look upon China and Malaysia and for specialized and customized products Taiwan is the most lucrative market, he added.

He said that Taiwan was looking at India as a strong business ally and therefore relaxed the visa regulations. It has unilaterally announced that Indians with visas stamped on their passports from 10 countries including US, UK, Australia, and Shenigen countries can visit Taiwan without the visa. This new arrangement has come into effect only from March this year and is intended to increase the flow of trade and visitors from both the countries. He felt that there was a mismatch between issuance of visas from both the countries. Indian Embassy in Taiwan issues on an average 30,000 visas yearly, whereas Taiwan Embassy in Taiwan issues only 13,000 visas.