IFSCA emphasises the India-Taiwan cooperation while inviting Taiwan to invest in GIFT City

India's International Financial Services Centers Authority (IFSCA) has encouraged Taiwanese banks and other financial institutions to invest heavily in Gujarat International Finance Tech-City (GIFT City). IFSCA Chairman K Rajaraman was in Taiwan on Monday, reported Focus Taiwan. The two economies' potential for mutual development was highlighted.

Rajaraman said that GIFT City acts as a Special Economic Zone (SEZ). Separate regulatory and tax regimes apply here. This allows foreign and domestic financial institutions to operate in an international environment within India. He said that GIFT City provides a flexible, business-friendly regulatory framework in accordance with global standards.

Financial institutions here are also able to deal in foreign currencies like the Taiwan dollar and cater to both Indian and international customers. More than 850 organizations, comprising banking, fund management, insurance, capital markets, fintech, aircraft and ship leasing and financing, professional service providers, and foreign universities, are already present in GIFT City. Taiwanese banks like Taipei Fubon Commercial Bank and CTBC Bank have already made official statements about opening branches in the hub.

Rajaraman emphasised the importance of Taiwan's technological strength and how it can be leveraged in India's huge and growing market of 1.4 billion people. Officials emphasised that collaboration in GIFT City not only offers economic opportunities but also represents a strategic partnership between two democratic and fast-growing economies.