India: Taiwan to help bolster India’s manufacturing sector
Strengthening ties with India
Tongtai debuted its first machine collaboration with Lokesh, one of the top five machine tool companies in India - EZ-5 Drilling & Tapping Center. It is an advanced model that is suitable for automotive Industry. In the meantime, Tongtai also announced its next investing plan in India.
”We expect to strengthen cooperation with Lokesh to introduce more advance models to manufacture in India and plan to setup technical application center to provide immediate solution for all kind of customized requirements.” - Rohit Rai, Managing Director of Tongtai.
The press conference and the respective booth of these companies proved to be of great value to Indian manufacturers of automobiles, aerospace vehicles, consumer electronics, moulds and various mechanical components who interacted with their Taiwanese counterparts. Indian businesspersons also received a first-hand experience of Taiwan’s Golden Valley region, which is home to over 1,000 precision machinery manufacturers and over 10,000 downstream suppliers, dedicated to metalworking. Golden Valley region has the highest output value per unit area and the highest density of any machine tool industry cluster in the world. On the sidelines of the event, some companies like Megatek Machinery (Simco), established their company in India in early 2017, also announced their future plan for doing semi-finished machine assembly in India to increase their competitive for future business in India. HuenChen Machinery Co. Ltd too spoke of its plans about looking for partners in India and expanding the business.
After TAITRA’s participation in the Machine Tool Expo in 2015, Taiwan's machine tools exports to India increased by 1.61%, aggregating $121 million in 2016. By the end of 2016, about 90 Taiwanese companies had set up business operations in India with a total investment of $1.4 billion with expertise in areas such as ICT, medical devices, automobile components, machinery, steel, electronics, construction, engineering and financial services, among others.
Taiwan’s machine tool industry is known to be globally competitive with a great stress on quality, price and service. With India entering a new phase in manufacturing coupled with the Modi government’s superlative initiatives like 'Make In India', 'Digital India', 'Skill India' and 'Startup India', ties between the two countries have received a boost like never before and Taiwan’s machine tool industry is playing a major role in the process.