The Republic of China, popularly known as Taiwan, is in talks with the Andhra Pradesh government to set up a 2,500-acre SEZ, with an initial investment of $600 million. The proposed SEZ will host businesses from diverse areas such as Information Technology, food processing and shoe manufacturing, to name a few. While capital has already been raised for the project, the Memorandum of Understanding is expected to be inked sometime next month.
Mr Andrew L.Y. Hsia, representative, Taipei Economic and Cultural Centre in New Delhi, who was in Bangalore to co-host a conference on the theme 'Taiwan in the 21st Century' told this correspondent that the Taiwanese are also talking to the governments of West Bengal and Tamil Nadu to set up similar SEZs there there. Taiwanese officials are also discussing the MoU on avoidance of double taxation with India. Although both countries have reached an agreement, the MoU has not been formalised yet.
While most of Taiwan's foreign investment, amo-unting to nearly $350 billion, have flown into China, Taiwan is now training its radar on Indian shores for fresh investments. According to Mr Hsia, China is fast losing its sheen as an investment destination for a variety of reasons, primarily the rising cost of land and labour. Besides, attractive incentives given to investors have been withdrawn and most exports from China face high tariff penalties.
Two-way trade between Taiwan and India rose to $8.7 billion last year from $4.7 billion two years ago. In January-February 2008 alone, two-way trade between the two countries registered a 70 per cent increase over over the same period last year, Mr Hsia said. India currently enjoys a trade surplus with Taiwan. Mr Hsia said India and Taiwan complement each other as the former is rich in resources while the latter has manufacturing might.
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