The high growth rate of India’s textile industry has led many countries to show interest in possible tie-ups. Taiwan is one such countries, whose policy-making bodies in the textile industry have shown keen interest in taking trade relations between the two countries forward.
Both the composite and technical textile companies in Taiwan are currently looking for ways to partner with their Indian counterparts to meet the growing demands of the market.
According to government data found in the public domain, India’s technical textile industry has an expected annual growth rate of 20 per cent, aiming for $30 billion by 2020. As far as the composite industry is concerned, its growth rate has been fixed at 15 per cent annually, calculated to reach $2.2 billion in the next four years.
“India is a very dynamic market with a lot of potential and scope for Taiwanese companies to expand exports. Taiwanese composite and technical textile companies are interested in penetrating the Indian market, with the growing demand and consumption of technical textiles. The industries Taiwan is interested in includes textiles at various levels,” Sean Tsai, Taiwan Textile Federation Overseas Market Development Specialist, had said.
Taiwan’s Bureau of Foreign Trade (BOFT), Taiwan Textile Federation (TTF) and the Taiwan Composites Association (TCA) are jointly setting up the Taiwan Pavilion for the 4th time to take part in ‘Technotex 2016’, which is being organised by the Ministry of Textiles, GoI in Mumbai from April 21 – 23. Over 19 leading companies from Taiwan, producing high-end composites, technical textiles, raw materials, besides accessories and machinery for non-wovens, will present their products at the event, which is in its 5th edition this year.
“We expect quite a few of the exhibitors have buyers in India, while some are showcasing their products for the first time and looking forward to collaborating with Indian buyers in the future,” Tsai said.
