Taiwan plans to develop industrial park in India
Thursday, 28 February 2008

Agence France-Presse . Taipei

The Taiwanese government plans to team up with the island's private sector to jointly develop an industrial zone in India, the economic ministry said Tuesday.

The National Development Fund plans to invest up to 40 per cent in the prospective venture which may have initial capital of one billion Taiwan dollars ($30.86m), the ministry said in a statement.

The industrial zone is aimed at accommodating Taiwan firms seeking to establish a presence in India, amid concerns over new rules in China, it said.

India and Southeast Asian nations are attracting increased investment from Taiwan as China has imposed new labor laws and adjusted the tax on foreign firms, the ministry said.

The cabinet fund will assist local firms in developing 1,000 hectares of land in India's Andhra Pradesh state for industrial use and another 200 hectares for housing purposes, it said.

The Taiwanese government has called for diversifying of investment from the Chinese mainland, given the lingering hostility between the island and rival China.

However, local businesses have channelled around 150 billion US dollars into China since Taiwan lifted a complete ban on investment in the early 1990s.

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