In a strategic bid to bolster trade partnerships between India and Taiwan and transform India into a self-reliant electronics product nation, EPIC Foundation, a non-profit organization founded by HCL co-founders Dr. Ajai Chowdhry and Arjun Malhotra, has signed a Memorandum of Cooperation (MOC) with Taiwan Electrical and Electronic Manufacturers’ Association (TEEMA), a prominent trade group to represent over 3,000 Taiwanese electrical and electronic manufacturers. Through this MOC, EPIC Foundation aims to facilitate seamless investments by Taiwanese companies in India, while promoting Global Electronic Value Chain (GVC) Autonomy to drive bilateral trade relations.
Aligned with their core vision of fostering a robust Indian electronics ecosystem and developing products of national significance, EPIC will collaborate with select TEEMA member companies to drive technical and investment partnerships with Indian counterparts. Leveraging its expertise in techno-commercial strategy and extensive network within the Indian ecosystem, EPIC will provide Taiwanese companies with tailored, India-specific insights and execution support to ensure successful partnerships and business outcomes. The MOC was signed virtually, earlier this week as part of a strategic meeting between Dr. Albert Chen, President of TEEMA and Mr. Harish Wadhwa, President, EPIC Foundation.
Dr. Ajai Chowdhry, Chairman of EPIC Foundation, said, “The strengthening of economic ties between Taiwan and India offers a compelling opportunity to diversify partnerships and promote a more balanced geopolitical landscape in the Asia Pacific region. Despite the significant growth in bilateral trade, substantial untapped potential remains to encourage Taiwanese companies to expand their business and operations in India. This strategic Memorandum of Cooperation (MOC) is poised to play a pivotal role in fostering this collaboration. As a renowned unified industry voice for Taiwan’s electronics sector, TEEMA brings invaluable expertise to this partnership. We firmly believe that our concerted efforts to deepen the alliance between our nations will be instrumental in driving India’s economic growth and strategic influence on the global stage.”
Taiwan’s significance as a trade partner for India lies in its major role in the global manufacturing and technology sectors. As part of the MOC, the two nations will collaborate to support Taiwanese and Indian companies in meeting specific requirements in technology, sales, joint ventures, or partnerships. TEEMA will enable EPIC to work closely with selected member companies to drive technical and investment partnerships with prospective Indian companies while EPIC will leverage its techno-commercial expertise and the network of the Indian ecosystem, through scope-based commercial agreements with TEEMA members, to provide strategic Indian centric valuable insights and execution support for successful partnership to drive business results.
Mr. Richard Lee, Chairman of TEEMA, said, “Fostering a stronger alliance with India and deepening our trade relations is of paramount importance. We’re thrilled to receive unwavering support from EPIC Foundation, enabling us to make significant strides in this direction. This collaboration, built on shared interests and mutual trust, will undoubtedly yield benefits for both nations.”
Going beyond the economic realm, both organizations will work to promote a better understanding of cultural differences and facilitate the ease of living in India for Taiwanese professionals and investors as part of the MOC.
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