Taiwan has always been the most popular company when it comes to chemicals fabrication and production. This is due to the fact that the country possess large amounts of natural resources of different chemicals. The country’s economy relies on the exports from the tons of chemicals daily. However, as the world changes, the market changes with it. Whether to the positive or the negative, the country needs to quickly adjust and cope to changes.
Fortunately for Taiwan, this time the changes in the world could be positive. United States is currently having a strong cold war with China, killing the economy of China and stopping many different exports. Taiwan is currently focusing on taking part in the changes and exporting to India rather than China. This will allow the country to reach a total of 20% increases of their YOY growth in trade. This would be a change due to the drop in the New Southbound Policy (NSP) which abides Taiwan to trading with 18 South and SouthEast Asian countries.
This was well explained by the President & CEO of TAITRA, Walter Yeh. He commented on the stance of Taiwan saying, “There is no limit to the growth potential. The current trade volume between India and Taiwan is to the tune of $7 billion. There is a lot of market to scale up further. Taiwan’s trade with China alone is $160 billion. In the last 10 years, the cumulative investment by companies from Taiwan in India was $700 million.”