Taiwan petrochemical park planned for Mundra

TAITRA head James Huang, pictured Tuesday on a trip to India. (Photo by CNA)

The Taiwan External Trade Development Council (TAITRA), together with state-run oil company CPC Corp and other domestic companies plan to establish a Taiwan petrochemical park in the Indian port city of Mundra.

TAITRA head James Huang said Wednesday that Mundra, in the western coastal state of Gujarat, opened India’s first multiproduct special economic zone in 2003. He praised the port’s proximity to the oil-producing countries of the Middle East and closeness to the massive Indian market.

Huang said Taiwan’s petrochemical companies have limited scope for development in their home market and have been seeking out more promising markets overseas. India, with its huge demand for petrochemical products, is such a market and Mundra is an ideal place to set up a base, he said.