Taiwan Chamber of Commerce and TGIIC sign MoU to promote FDI in Telangana
The Hindu
An MoU was signed to enhance trade and economic collaboration between Telangana and Taiwan through strategic partnership for investment and job creation.
In a significant step towards enhancing trade and economic collaboration between Telangana and Taiwan, a Memorandum of Understanding (MoU) was signed between the Taiwan Chamber of Commerce (TCC) and the ITE&C Department, Government of Telangana. This strategic partnership aims to promote investment, infrastructure development, and job creation across the State.
The MoU was signed by E. Vishnu Vardhan Reddy, special secretary (Investment Promotion & External Engagement), Government of Telangana and Simon Lee, vice-president of Taiwan Chamber of Commerce in India (TCCIN) in Taipei. Manharsinh Yadav, director general of India-Taipei Association was also present.
A major objective of this collaboration is to attract significant Taiwanese Foreign Direct Investments (FDI) into Telangana, thereby generating substantial employment opportunities for the local workforce. To enhance cooperation between Taiwanese investors and the Telangana government, TCC India will establish an office in Hyderabad. This office will serve as a crucial link for promoting investment opportunities, facilitating information exchange and assisting Taiwanese companies in navigating the Indian market, as per a press release.
The MoU identifies five key focus industries to attract Taiwanese FDI: Biotechnology, Electronics, AI, Green Energy and Creative Cultural sectors. Additionally, it outlines plans for collaboration on developing the India Taiwan Industrial Park (ITIP) in Hyderabad.
The partnership will also involve exchanging market entry research, coordinating investor meetings, and providing policy recommendations to bolster industrial development in Telangana. This strategic initiative underscores Telangana’s commitment to foster international partnerships that drive economic growth while enhancing its position as a preferred destination for global investors, the press released further added.
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