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Ministry plans India investment firm

The Ministry of Economic Affairs will join forces with the private sector in setting up an investment and development company that will focus on encouraging and facilitating Taiwanese investment in India, a ministry official said on Tuesday.

In addition to building an industrial park in India, the proposed company will search for business opportunities, evaluate business feasibility and establish an information database for Taiwanese enterprises interested in investing in India, the official said.

The official said Taiwan hopes to forge stronger economic ties with India, as the country is one of the so-called "BRIC" countries -- referring to Brazil, Russia, India and China -- considered as the most promising of the world's emerging markets.

The company's establishment is part of a government policy to expand the investment network for Taiwanese businesspeople, the official said.

Minister of Economic Affairs Steve Chen (陳瑞隆) will invite industry representatives later this week to discuss details in hopes of making concrete progress on setting up the company before the end of this year, the official said.

A majority of the funding for the company will come from the private sector, which will lead the company, the official said, but the ministry did not rule out having part of the company's capital funded by the Executive Yuan's National Development Fund.

The Indian state of Andhra Pradesh has already agreed to provide 1,200 hectares of land for Taiwanese investors to set up factories and offices based on a memorandum of understanding signed last month.

Chiu Po-ching (邱柏青), director-general of the ministry's Department of Investment Services, led a delegation to India earlier this year to evaluate the development of some Indian industries, such as software, information technology, food processing, footwear and vehicle components.

Taiwanese manufacturers had launched a total of 69 investment projects worth around US$400 million in India as of last July, government statistics show.

The government had previously started fund-raising to establish a company to facilitate investments in the Middle East, as the area is also included in plans to widen Taiwan's investment network.

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