New Delhi, Oct 10 (IANS): There has been a 27 per cent increase in bilateral trade between Taiwan and India in 2017, Taipei Economic and Cultural Center in India (TECC) Representative Tien Chung-Kwang has said.

Speaking at a reception here on Tuesday to mark the 107th National Day of Taiwan, Tien said that implementing Taiwanese President Tsai Ing-wen's New Southbound Policy (NSP) that looks to deepen the East Asian nation's relationships with South Asia, Southeast Asia, Australia and New Zealand, Taiwan boosted its external trade with these NSP countries by 15.61 per cent to $110.9 billion last year.

"Bilateral trade volume between Taiwan and India, in particular, increased 27 per cent year-on-year to $6.4 billion in 2017," he said.

He said that under Tsai's leadership, Taiwan has initiated a number of significant reforms while pursuing a new economic model for sustainable developments that accelerated Taiwan's economic growth to a three-year high in 2017.

"Taiwan's exports increased to a seven-year high in 2017, making it the 18th largest exporter and importer worldwide," Tien stated.

"Taiwan also managed to cut its unemployment rate to 3.66 per cent, a 17-year low, in the first half of 2018."

At the event, a 10-minute video titled "People Centred, Joint Happiness" was screened to introduce Taiwan's achievements in cultural integration, economy, international cooperation and technological innovations over the past year.

Rajya Sabha member Ronald Sapa Lau and Lok Sabha members Sunil Jakhar and Meenakshi Lekhi were among those present.