Taipei [Taiwan], July 14 (ANI): India's financial regulator of the International Financial Services Centres Authority (IFSCA) pitched for higher investment by Taiwanese financial institutions in India's Gujarat International Finance Tec-City (GIFT City).A report by Focus Taiwan noted that Shri K. Rajaraman Chair of IFSCA visited Taiwan on Monday and emphasized the potential for mutual growth between the two economies. Speaking at a media event in Taipei, Rajaraman, highlighted the benefits GIFT City offers as a special economic zone. Located in Gujarat, GIFT City functions under a distinct regulatory and tax regime that allows foreign and domestic financial institutions to operate in an international environment within onshore India.GIFT City provides a flexible, business-friendly regulatory environment in line with global standards, Rajaraman said, adding that institutions can conduct operations in foreign currencies, including the Taiwan dollar, and cater to both Indian and global clients. More than 850 entities are operating in GIFT City, across banking, fund management, insurance, capital markets, fintech, aircraft and ship leasing and financing, professional service providers and foreign universities.Taiwanese banks like Taipei Fubon Commercial Bank and CTBC Bank have already announced plans to open branches in the hub.Rajaraman stressed the value of Taiwan's technological strength and how it could be leveraged in India's vast and growing market of 1.4 billion people. Rajaraman was accompanied by India's representative to Taiwan, Manharsinh Laxmanbhai Yadav, who noted the shifting geopolitical climate, which has prompted Taiwanese firms to explore investment in like-minded democracies.'They would like to move away from some destination and would like to go to more friendly democratic destinations,' Yadav said.Additionally, the Indian envoy said, 'We believe that this global supply chain shift will benefit both Taiwan and Indian companies if they come together. That is the job that we are trying to do, to marry them, to bring them together.'The officials underscored that collaboration in GIFT City represents not just economic opportunity but a strategic alignment between two democratic and fast-growing economies. (ANI)