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India could be the R & D hub for Taiwan, as well as a great IT hardware market opportunity for Small and Medium Enterprises from Taiwan |
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Taiwan and India could mutually explore IT
opportunities to excel globally
Taiwan, June 1st, 2004: The relationship between
India and Taiwan has grown continuously and the
estimated two way trade volumes between the two
countries will reach US $ 1,400 million this
year. The trade volumes between the 2 countries
have grown dramatically from US $ 399 million in
1991 to US $ 1,198 million in 2002, making
Taiwan as one among the largest trading partner
for India. In particular, the first 7 months of
2003 have witnessed a growth of 17% over the
corresponding period of 2002 at a total value of
US$ 777 million.
According to Mr. Gopal Srinivasan, Director.,
TVS Electronics Limited, India, "In 2002, Indian
software and service exports amounted to US $ 10
billion and the Taiwanese total production of
the IT hardware industry was around US $ 50
billion. The 2 countries could play a major role
in the global IT industry as India occupies a
leading role in the world, in terms of software
development and Taiwan hardware sector is
extremely strong in terms of production value,
with products like semiconductors, mask-ROM, IC
masking, notebook computers, LCD monitors,
etc.,. Taiwanese and Indian IT sectors can
complement each other and with better
co-operation, the 2 countries would be able to
perform exceedingly well in the global
scenario".
India has consolidated its position as the
world's fourth largest economy, behind the
United States, China and Japan, in Purchasing
Power Parity (PPP), according to the latest
World Development Indicators. Rich in
technically skilled manpower and unexplored
physical resources, India provides huge
opportunities for returns on investment and
developing markets for businesses. Coupled with
this is an acknowledged mind and technology
leadership, making India an investment and
innovation-driven growth market.
Further, India's economic policies are designed
to attract significant capital inflows on a
sustained basis and to encourage technology
calibration agreements between Indian and
foreign firms. Policy initiatives taken over the
last few years have resulted in significant
inflows of foreign investment in all areas of
the economy, except those reserved for the
public sector making India one of the most
exciting emerging markets in the world. India
has significantly increased its Foreign Exchange
Reserves to $110 Billion and Foreign Direct
Investment in India was $ 7.6 billion in the
year 2003.
The momentum that the Indian economy gained
during '03-04 is likely to continue in the
current fiscal as well. Reserve Bank of India in
one of the reports says that real GDP growth for
'04-05 may be placed in the range of 6.5-7%,
which is in line with predictions for the fiscal
by most forecasting agencies. Forecasts for
India continue to remain above the world's
projected growth rates of 4.6% for the calendar
year '04 and 4.4% for '05 (as predicted by the
IMF). This suggests that India will remain one
of the fastest-growing economies in the world in
'04-05 as well.
Another factor is the availability of skilled
manpower at lower cost, which makes India a
favourite hub for the design engineers of lead
companies like Intel, Motorola, HP and IBM.
India could become a major design hub for the
companies in Taiwan who could benefit by also
utilising the strong Indian BPO sector to
improve cost and quality and to tap the European
and North American markets.
With the New Indian Government evangelizing IT
usage across smaller towns and Implementation of
Value Added Tax and Zero Duty for ICT hardware
products by 2005, Taiwan could capitalise by
selling its products to the Indian market as
well.
Mr. Srinivasan further adds that,
"TVS
Electronics is one of the top 3 IT brands in
India with their expertise in IT products &
services, contract customer support, contract
manufacturing services and electronic design
services. Being one of the emerging players in
the electronic design services and contract
manufacturing, TVS-E could play a major role for
Taiwan to outsource R & D from India. TVS-E with
one of the largest distribution networks in the
country and could be an optimal partner to
distribute components and hardware products in
India for Taiwanese hardware manufacturers. We
would like to make use of our image and presence
in India and be a platform for companies in
Taiwan to establish themselves in India."
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About TVS Electronics: |
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TVS Electronics Limited, a part of the 90-year-old
TVS Group is one the largest manufacturer of Computer
Peripherals in the country. The range of offerings
includes Products - Dot Matrix printers, Keyboards,
Printing Supplies, Transaction Solutions, and Point
of Sale Products (PoS).
TVS-E has a large distribution and service network,
which reaches over 450 towns across the country
with two National Distributors, more than 200 Regional
Distributors and over 3,000 Authorized Dealer Partners.
The Company has manufacturing facilities in Tumkur,
Chennai and Himachal Pradesh |
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