The India Taipei Association (ITA) and the Taipei Computer Association (TCA) hosted the 2017 India Taiwan Cooperation Forum on 2 June in Taipei. This event aims to further strengthen the exchanges in the ICT industry between India and Taiwan.
The highlight of the event was the launch of the India Taiwan Startup Alliance. Both countries have strong ICT sectors, and are mutually complementary. Once the alliance is set up, Taiwanese companies can introduce capital and technology to India, whereas India can provide massive markets and human resources to Taiwan. The alliance on innovation will create a win-win scenario for India and Taiwan.
Since taking office in May 2016, President Tsai Ing-wen’s administration launched the New Southbound Policy, focusing on building closer ties with Southeast Asian and North Asian countries in trade, technology, culture, education, tourism and so on. Among them, India has been a priority due to its massive market, advanced technological capability, and young population.
According to statistics, as of 2015, nearly 3,000 Indians are living in Taiwan, most of whom are working in the high-tech industry. This number, compared to India’s total population, is way too small. The Startup Alliance can serve as an incentive to bring in more outstanding Indian talent to Taiwan.
In addition, Taiwan is trying to position itself as the “Asian Silicon Valley”. By optimising Taiwan’s startup, an entrepreneurship ecosystem, building diverse test beds for smart products and services, creating a complete IoT supply chain, and linking up with top-notch technology clusters worldwide, Taiwan hopes to upgrade and transform its industrial structures and drive economic growth with innovation and entrepreneurship. The Startup Alliance can serve as a crucial platform for all these exchanges.
Meanwhile, to show its commitment to entrepreneurship, the Indian government launched the Startup India initiative to foster innovation, create job opportunities and facilitate investment. Learning and development programmes are also available to help speed up the process, and the incubators in various fields can help entrepreneurs thrive. It is expected that by 2020, over 10,500 startups will be created.
India has become the world’s third-largest ecosystem for creative industries. The market for consumer electronics in the country is valued at US$400 billion a year. This represents tremendous opportunities for Taiwanese companies. The huge Indian market would attract Taiwanese startups, whereas Indian startups would take advantage of the capital and technology. A joint collaboration would be perfect match.
With strong government support and high expectations from the high-tech industries, the India Taiwan Startup Alliance will usher in a new era for bilateral cooperation, incentivising greater investment, and creating more job opportunities.