TN expects more investments from Taiwan
Taiwan Trade External Development Council (TAITRA) organised an industrial trade seminar on “Taiwan Automobile Manufacturing Forum” in Chennai. Officials from TAITRA, leading Indian automobile companies and many corporate heads participated in the seminar. India has been one of the major importers of Taiwanese-made machine tools. In the first four months of this year import of machine tools from Taiwan to India was 45% higher than in the same period last year.
As modern machine tools and advanced manufacturing technology begin to play a more critical role in manufacturing high-precision car parts, selecting the right machine-tool partner has become very important.
Dave Tsai, Director, TAITRA Chennai said, “As the Indian automobile manufacturing market becomes more competitive, the innovative technology required is becoming more important. India is the fifth largest car manufacturing and production country in the world, while Taiwan is the fourth largest machine tools manufacturer in India itself. So, we organise these kinds of seminars and creating new platforms to increase more trade between Taiwanese and Indian companies.” M Velmurugan, State Guidance Bureau, Executive Vice-Chairman TN said, “Tamil Nadu is the second largest and fastest growing economy in the country. The State’s economy grew by 8% in 2018, which is around half a percent higher than the previous year. The State has been performing well and is better than the all India average in several factors. With the Global Investors meet coming up, we hope to see more Taiwanese investments.”
J Sridhar, Chennai Zonal Chairman of Automotive Component Manufacturers Association of India, said, “The concentration of vehicle manufacturing units is more in North whereas the South has both vehicle manufacturing units and component industries.”