Thursday, June 27, 2024

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In recent years, bilateral cooperation between Taiwan and India has significantly boosted economic growth, making both countries attractive destinations for investment and development. One of the key initiatives facilitating this growth is the Taiwan Expo, which plays a crucial role in boosting bilateral trade relations. As international travel and tourism continues to grow, events such as the Taiwan Expo become important in increasing global trade dynamics.

Taiwan Expo 2024: A Platform for Economic Growth

The much-awaited 7th edition of Taiwan Expo 2024, organized by the International Trade Administration, Ministry of Economic Affairs (TITA) and Taiwan External Trade Development Council (TAITRA), is scheduled to be held from July 8-10, 2024. , Hall no. 2 at Bharat Mandapam (Progress Ground). The event marks the expo’s grand comeback after a five-year hiatus, garnering considerable attention from both Taiwanese and Indian stakeholders.

Key Features of the Expo

Taiwan Expo 2024 will focus on five main themes: Smart Lifestyle, Smart City, Smart Manufacturing, Green Innovations and Wellness Fiesta. These themes will showcase Taiwan’s latest technologies and solutions, offering exhibitors and visitors a closer look and deeper hands-on interaction with the diverse product portfolio.

Smart Lifestyle and Smart City Innovations

As India emerges as a regional manufacturing hub, Taiwan Expo 2024 will highlight smart lifestyle and smart city innovations. These include Gigabyte technology and the latest AI gaming laptop from MSI and the flagship camera VB350 from AVer Information. These innovations are set to revolutionize the way urban life and personal entertainment are viewed.

Economic impact of Taiwan-India trade relations

The effectiveness of supply chain migration in India has been significant. From January to May 2024, the largest export from Taiwan to India was chips, worth $1.18 billion, a growth rate of 49.4%. This accounts for over 36% of Taiwan’s total exports to India, totaling $3.23 billion. During the same period, Taiwan’s global export growth rate increased by 9.1% over the previous year, while exports to India bucked the trend with an increase of 28.1%.

Boosting bilateral trade through Taiwan Expo 2024

The pre-expo press conference attracted around 50 media outlets and included distinguished guests such as Mr. Gaurav Vats, Director East Asia, North America, Federation of Indian Chambers of Commerce and Industry (FICCI), Mr. Raju Goyal, Secretary-General, . Electronic Industries Association of India (ELCINA), and Shri Rakesh Chandra Sharma, IAS General Manager (BDD), India Trade Promotion Organization (ITPO). Ms. Chen Yu-chi, Executive Director, Economic Division, TECC, also participated, making the event a hub of international interaction.

India as a manufacturing hub for the travel industry

India, the world’s fifth largest economy and most populous country, has a large consumer market and an abundant workforce. Initiatives like ‘Make in India’, ‘Digital India’, ‘Green India’ and ‘Smart City’ have stimulated numerous growth opportunities in the domestic market. Reflecting these trends, Taiwan Expo 2024 will showcase Taiwan’s latest technologies and solutions, offering exhibitors and visitors a closer look and deeper hands-on interaction with a diverse product portfolio.

Business growth and opportunities

TAITRA Deputy Executive Director Mr. Keven Cheng highlighted that “From January to May 2024, the total trade volume between Taiwan and India increased by 25.8% compared to the same period last year, making India our 14th largest trading partner. This significant growth underscores the immense potential of Taiwan-India economic cooperation, particularly in the electronics manufacturing, smart cities and ICT sectors. Taiwan Expo aims to further consolidate and grow business opportunities by showcasing the latest products and solutions created based on the latest government policies, local market demand and consumption trends. We look forward to continuing to build the best stage promoting bilateral trade relations between the two countries.”

Product previews and innovations

The press conference featured a sneak preview of select exhibitors’ products, offering an exclusive pre-show demonstration. Products highlighted include Gigabyte Technology’s latest AI gaming laptops, MSI’s advanced AI gaming laptops and AVer Information’s flagship camera VB350. Ares Monitor Arm by ModernSolid Industrial, professional medical-grade support products by Grace Care International, protein hair cream by Shan Honk and a variety of health-conscious food and beverages by Tsan Yu Yen Food and Xian Yuan International were also on display. These exhibitions highlighted Taiwan’s excellence in the AI, healthcare, beauty and food industries.

Connecting businesses and consumers

120 companies will exhibit more than 1000 Taiwanese products at Taiwan Expo 2024 in India. Notably, two major Taiwanese associations, the Taipei Computer Association (TCA) and the Taiwan Textile Federation (TTF), will participate along with the New Taipei City Government. This participation underscores the diverse range of offerings from Taiwan and provides an excellent opportunity for Indian attendees to explore and engage with these innovations.

Taiwan Expo 2024 is more than just an exhibition; It is a platform that promotes economic development and strengthens bilateral trade relations between Taiwan and India. Focusing on key themes such as Smart Lifestyle, Smart City, Smart Manufacturing, Green Innovations and Wellness Fiesta, the expo showcases Taiwan’s latest technologies and solutions. As tourism and international travel continue to grow, events such as the Taiwan Expo play an important role in enhancing global trade dynamics and promoting cultural exchange.

Tags: Bilateral Trade, Economic Growth, Global Travel News, Green Innovations, International Travel, Smart City, Smart Manufacturing, Supply Chain, Taiwan Expo 2024, Taiwan-India Trade, Travel, Tourism, Travel, Travel News, Travel, Wellness

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