CHENNAI: The Tamil Nadu government's move to constitute a Special Investment Promotion Task Force to attract investors from countries planning to relocate their manufacturing bases post COVID-19 is paying dividends as businesses from Taiwan are showing keenness in investing in the state.
In an interaction with The New Indian Express, Ben Wang, Director General of Taipei Economic and Cultural Centre in Chennai and Sumit Bothra, honorary advisor to Taiwan Consul General and CEO of Inspiredge, said that Tamil Nadu is strategically placed as it provides access to Australia, Africa, South and South East Asia. As a result, businesses in Taiwan are keen to invest in the state.
Wang, who earlier met Industries Minister MC Sampath to discuss investments in the state, said Taiwanese majors have already made Tamil Nadu their home including Feng Tay Enterprise, Foxconn, Delta Electronics and more than 20 companies, creating 100,000 job opportunities.
However, a clearer picture on Taiwan investments will emerge once the lockdown is eased and COVID-19 cases come down paving the way for Taiwanese businesses to firm up their investment plans in the state.
Wang said that India is among the 18 nations with whom Taiwan wants to strengthen its ties under the New South Bound Policy. India's Act East Policy is also keen on strengthening ties with East Asan nations. As a result, Taiwan wants to strengthen its existing trade with India.
Bothra, who is also representing Taiwan in the special task force, says that many businesses in Taiwan want to expand businesses in the state and some are keen to invest in automobile components, rubber, plastics, electronic goods etc. Besides, many medical equipment makers are showing keeness to invest in the state. These include surgical equipments, bandages, surgical tapes, PPEs and masks which could supplement the knitwear and handloom industry in Tiruppur.
Interestingly, the state is planning a special relocation package for investors from Taiwan. It is also learnt that the state is keen on
establishing a Taiwanese cluster or industrial township in the state which is akin to the One-hub Chennai Integrated Township project developed for Japan. This will have plug and play facilities, social and support infrastructure centred around the concept of live, work and play.
Similarly, the state is offering a dedicated green channel for Taiwanese companies looking to make Tamil Nadu their manufacturing base.