Peter Huang, specialist of South Asia section (Market Development Department), Taiwan External Trade Development Council, who led a high-level delegation here, said that India is a friendly and hospitable country for Taiwanese industry.

"Our commercial relation is growing from strength to strength and this is our 15th business delegation to India," Huang said.

"India is still an untapped market for Taiwanese firms and there is huge trade and investment potential in India, especially in electronics, auto-components, machineries, food processing, medical devices and other sectors," he emphasised.

Taiwan has considered India as a critical partner under its 'New Southbound Policy' and both countries have also signed migration agreements to allow Indian workers to be employed in Taiwanese industries.

Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai, said that India-Taiwan economic relation is at an inflection point.

"For the first time, India conferred Padma Bhushan award to CEO of Foxconn, Young Liu, which is testimony to the strengthening of our bond," he mentioned.

The Taipei Economic and Cultural Centre (TECC) is also planning to set up a third office in India.

"Both the countries should grow bilateral trade to $25 billion, from the current level of $8 billion through partnership in investment and technology cooperation," industry leaders noted.

Of the $8 billion bilateral trade, Taiwan exports $6 billion and imports hardly $2 billion from India.

"In future, we are committed to facilitating our commercial partnerships in electronics, shipbuilding, and other sectors of mutual interests," Kalantri said.