An Indian information technology official yesterday called for a closer economic partnership with Taiwan to tap into the sizable potential between the two economies.

“India and Taiwan have not even scratched the surface of the vast potential that our two economies hold together for each other,” Indian Ministry of Electronics and Information Technology Secretary Ajay Prakash Sawhney said at the opening ceremony of the Taipei International Electronics Show.

Trade volume between the two nations has grown nearly sixfold over the past two decades — from US$1.2 billion in 2001 to more than US$7 billion last year — and 106 Taiwanese companies had as of the end of last year set up business operations in India, Sawhney said.

Despite the increasing number of exchanges, Sawhney said he believes that this is just the beginning of even closer business and trade cooperation, as India’s geostrategic position and market size present “a unique opportunity to Taiwanese investors.”

India has more than 50,000 start-ups valued at more than US$95 billion in total, he said, adding that 30 are “unicorns,” or privately held start-ups valued at more than US$1 billion each.

Sawhney praised annual economic meetings between India and Taiwan for bringing “mutually beneficial opportunities” to both nations.

“I am sure that the best times are ahead of us and that we will continue to grow together,” he said.

A total of 475 companies from Taiwan and abroad are taking part in the three-day trade show, event organizers said.

Buyers from 16 countries are scheduled to hold more than 400 procurement meetings with suppliers during the show, they said.

The trade show, which is being held in Hall 1 of the Taipei Nangang Exhibition Center, runs until tomorrow.