The Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday said the government should increase its economic cooperation with India by setting up a platform like the “cross-strait bridge-building project” between Taiwan and China.
Indian and Taiwanese machinery, precise equipment and components businesses should cooperate well, as software expertise in India and Taiwan’s well-developed manufacturing sector could establish complementary strengths within these industries, the institution said.
“Certain sectors in ASEAN, such as the textile, petrochemical and machine tool industries, urgently need support from related companies in Taiwan,” CIER president Wu Chung-shu (吳中書) said in Taipei.
Kristy Hsu (徐遵慈), an associate research fellow at the institute, said the government should encourage Taiwanese companies to invest in India, which may further help accelerate the development of an economic cooperation agreement between Taiwan and India.
Hsu said it would take more time to negotiate and propose the bilateral economic partnership agreement with India, which is a larger market than Singapore or New Zealand.
The institution is working on a feasibility study for a proposed agreement between Taiwan and India, which is expected to be finished by the end of this year, Hsu said.