Released on: April 30, 2008, 10:49 pm

Press Release Author: varma

Industry: Real Estate

Press Release Summary: The Republic of China, popularly known as Taiwan, is in talks
with the Andhra Pradesh government to set up a 2,500-acre SEZ, with an initial
investment of $600 million.

Press Release Body: The Republic of China, popularly known as Taiwan, is in talks
with the Andhra Pradesh government to set up a 2,500-acre SEZ, with an initial
investment of $600 million. The proposed SEZ will host businesses from diverse
areas such as Information Technology, food processing and shoe manufacturing, to
name a few. While capital has already been raised for the project, the Memorandum of
Understanding is expected to be inked sometime next month.

Mr Andrew L.Y. Hsia, representative, Taipei Economic and Cultural Centre in New
Delhi, who was in Bangalore to co-host a conference on the theme 'Taiwan in the 21st
Century\' told this correspondent that the Taiwanese are also talking to the
governments of West Bengal and Tamil Nadu to set up similar SEZs there there.
Taiwanese officials are also discussing the MoU on avoidance of double taxation with
India. Although both countries have reached an agreement, the MoU has not been
formalised yet.

While most of Taiwan\'s foreign investment, amo-unting to nearly $350 billion, have
flown into China, Taiwan is now training its radar on Indian shores for fresh
investments. According to Mr Hsia, China is fast losing its sheen as an investment
destination for a variety of reasons, primarily the rising cost of land and labour.
Besides, attractive incentives given to investors have been withdrawn and most
exports from China face high tariff penalties.

Two-way trade between Taiwan and India rose to $8.7 billion last year from $4.7
billion two years ago. In January-February 2008 alone, two-way trade between the two
countries registered a 70 per cent increase over over the same period last year, Mr
Hsia said. India currently enjoys a trade surplus with Taiwan. Mr Hsia said India
and Taiwan complement each other as the former is rich in resources while the latter
has manufacturing might.........
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