Taiwan Textile Federation signs MOU with CITI, India
Interacting with Salil Chawla, DFU Publications earlier today with Justin Huang, the President of the Taiwan Textile Federation (TTF) @ Taiwan Expo, Pragati Maidan New Delhi (India) while singing a Memorandum Of Understanding (MOU).
It was done between Justin, TTF Taiwan, and on behalf of CITI, India Manoj Sharma in the presence of James Kuo, Chairman, TTF Taiwan.
Justin started by saying," This is a signature given to the MOU between TTF and Citi for the year 2024 to aim at the future collaboration between the two countries' textile industries. In Taiwan, we have labor shortage problem. We need to invest somewhere that has fruitful labor resources and a large market".
On the other hand, we know that Indian textile industries are urging to have some synthetic fibers, new technology, and sustainable technology.
So this is something that Taiwanese, we are doing very well and many retailers and brands around the world have well known us. So I think the given signature on this MOU will allow both countries' companies to find more collaborative opportunities in the future.
For sure, in the coming October, we are going to invite Citi to organize a visiting group to our globally popular TITAS'24 show, this type of innovative textile show from October 15th to 17th is one of its kind in the textile world. And next year, we hope we'll have some other visiting groups who come to India and to work together with our Indian pocket to find some trade and investment opportunities.
Replying to what are the key areas where you feel that Taiwan and India can get into, Justin alluded that India is a large country. For us, we are going to initiate some actions. For example, tomorrow we are going to Tamil Nadu to visit the companies over there to find a collaborative relationship with each other.
Regarding to Taiwan's textile industry overseas; investor facilities stand for another 31 billion dollars. But man, the major part of our investment is located in Southeast Asian countries and gradually extended to Bangladesh.
And now we found some investors have already started their business for manufacturing in India. So I think in the future, the collaboration between Taiwan and India will be more and more vertical.
Replying to what would be the route generally you think that your companies will come and directly invest or will they look for the five ventures of Indian partners? Justin had to say," We are generating these meeting points between the two countries' business professionals. Okay. They are the person to find the collaboration. So for TTF and for Citi, we are going to develop these channels, these platforms, and build up the relationships."
So far, the Western world has not yet been reflected. The global inflation is still over there. High inventory in retailers and not yet sold.
