Taiwanese companies showcase their products at expo in New Delhi
Taiwanese companies are eyeing the Indian market with companies now offering cutting-edge products to India’s manufacturing sector.
Machine tools include lathes, boring bars, milling cutters, grinding machines and many other instruments, which are used to cut and shape metals or other rigid materials.
Attracted to the growing market in India by the “Make in India” campaign initiated by Prime Minister Narendra Modi that aims to turn India into a manufacturing hub, Taiwanese companies are now taking part in Delhi’s Machine Tool Expo.
According to an article published by Asian Nikkei Review, Hung Yang, executive director (economic division) of the Taipei Economic and Cultural Center in India, said, “The machine tool industry is one of Taiwan’s most developed and best-performing industries".
Taiwan is currently world’s seventh largest manufacturer and the fifth biggest global exporter of machine tools .
The article also reported that 90 Taiwanese companies have set up operations in India investing a total amount of US$1.5 billion in fields ranging from information and communication technology to engineering and financial services.