Taipei [Taiwan], January 25 (ANI): Taipei and New Delhi are all set to develop closer strategic and economic relations with each other.
The State Bank of India has raised USD 300 million from the Taiwanese market through a maiden issue of Formosa bonds at a coupon rate of 2.49 per cent. The issuance attracted a wide range of investors, such as supranational agencies, asset managers, private bankers and financial institutions, as reported by Taipei Times.
Meanwhile, the Indian government has also started talks with Taiwan on a free-trade agreement.
These developments would normally have been treated as a routine affair between India and Taiwan, but as the countries do not enjoy formal ties, and India has in the past remained hesitant to sign a free-trade agreement with Taiwan, the activities underscore a profound shift in New Delhi's policy toward Taipei, writes Sumit Kumar Taipei Times.
More to the point, the successive governments before Indian Prime Minister Narendra Modi tried to foster ties with Taiwan in a closet due to their fear of China, as reported by Taipei Times.
Now, India has taken several bold initiatives to openly acknowledge its ties with Taiwan as Taipei's de facto embassy in New Delhi has also been given more public space.
The Indian political leadership's new approach toward Taiwan has inadvertently encouraged Indian print and electronic media to focus on the relationship between the nations, writes Sumit Kumar for the Taipei Times.
Moreover, there is a strong opinion among Indian experts, former diplomats and the general public that India should take initiatives to consolidate and improve ties with Taiwan.
Taiwan and India should establish a joint working group to explore possibilities for enhanced cooperation, promote understanding of government policies and procedures, and facilitate collaboration by addressing issues promptly.
Closer cooperation in international initiatives, such as the Group on Earth Observations as well as efforts to develop a multiple hazards early warning and response system, would serve national objectives on both sides, according to Taipei Times. (ANI)