Taiwan auto firms keen on bilateral trade expansion with India

A seminar on “Taiwan Automobile Manufacturing Forum” was organized by the Taiwan Trade External Development Council (TAITRA) in Chennai on June 14.

Dignitaries at the Taiwan Automobile Manufacturing Forum in Chennai

Representatives from different Taiwanese companies producing machine tools and auto components made presentations on the developments in their respective areas.

Mr. M. Velmurugan, IES, Executive Vice Chairman, Tamilnadu Industrial Guidance & Export Promotion Bureau, in his special address, said Tamil Nadu has emerged a major economic power and is the second largest State next to Maharashtra in terms of industrial growth. With its GDP touching $205 million, the State has become the 51st largest place in the world. During 2017-18, Tamil Nadu achieved a GDP growth of 7.94% which is far better than the average growth of India. The State offers excellent infrastructural facilities with good connectivity of ports and roads. Ranking also as the No.1 or No.2 in several fields, TN is known as the Detroit of India producing the largest number of vehicles

According to a report from Frost & Sullivan, Tamil Nadu is ranked No.2 with its competitive advantages, while Chennai is rated the best place for investment. The State has also the distinction of having 67 ‘Fortune 500’ companies.

He further said that Tamil Nadu accounts for 32% of auto components production, and almost 22% of India’s auto component output comes from just four companies in Chennai, i.e., the TVS Group, Amalgamations Group, Rane Group and the Samvardhana Motherson Group. Chennai also is ranked No.1 in tyre production and has become a major hub for automotive R&D activities.

Considering the different advantages of Tamil Nadu, he requested the Taiwan delegates to make more investments in the State.

Earlier, welcoming the gathering, Mr. Dave Tsai, Director, TAITRA Chennai Office, said: “As the Indian automobile manufacturing sector becomes more competitive, the innovative technology required is becoming more important. So we at TAITRA organize these kinds of seminars and creating new platforms to ensure more trade between the Taiwanese and Indian companies”.