The "2019 South Asian Business Day" held by the Bureau of Foreign Trade, MOEA and TAITRA was postponed from September 30 to October 1 due to typhoon. Coming from India, Bangladesh, Sri Lanka and Pakistan were 41 medium- and large-scale buyers, including India's largest retailer Reliance Retail, Northern India's largest steel manufacturer Arora Iron & Steel Rolling Mills, Sri Lanka's largest construction company Sierra Construction and Bangladeshi’s large Plastics Group Allplast. The main purpose of their trip was to take part in the one-on-one sourcing event with nearly 200 Taiwanese suppliers for machinery, electric vehicles and components, water purification and green energy equipment, home and building automation, and so on.
Although the global economy experienced a slowdown in general, the South Asian economies still enjoyed a GDP growth rate of 6.8% this year, much higher than the global average growth rate of 3.3%. Among them, the Indian market, with a population of more than 1.3 billion, is full of unlimited business opportunities and thus attracts foreign investment. In 2018, Taiwan’s direct investment in India totaled 360 million U.S. dollars, accounting for half of the total accumulated investment over the years. At present, a number of large Taiwanese companies such as Hon Hai Precision Industry, Wistron, Delta, Dongyuan, China Steel and Cheng Shin Rubber have already set up their factories in India and will further scale them up.
India’s Reliance Retail, which has joined the sourcing event held in Taiwan for the third time, said that Taiwan's products are known for their quality with prices being adjusted appropriately for the Indian market. Another Indian buyer Pinnacle Industries, which is interested in the electric vehicle industry, pointed out that its main purpose was to seek Taiwanese parts suppliers for Indian electric vehicle market, which is full of huge business opportunities. The Team Young Technology Corp., a Taiwanese supplier for smart home control & automation systems, which has taken part in a number of the TAITRA-hosted trade missions and procurement fairs, said that some buyers in the event have already expressed willingness to purchase its products.