TAIPEI (Taiwan News) — Taiwan and India heralded a new era of closer ties in the development of the space economy with the signing of an MOU on Wednesday (Oct. 26).

Representatives from the two countries exchanged documents about space collaboration at the opening of the India Space Congress 2022 in New Delhi. The agreement was previously inked by the Taiwan Space Industry Development Association (TSIDA) and the SatCom Industry Association (SIA-India).

According to the MOU, the two associations will promote exchanges, host seminars, share relevant information, explore commercial opportunities, and support sustainable development for the space industries of the two countries, per CNA.

The South Asian country has a well-developed space industry that Taiwan can learn from, Baushuan Ger (葛葆萱), Taiwan’s representative to India, said. Anil Prakash of SIA-India said the forging of ties is a win-win for both countries, as Taiwan has the technology and India has the market.

India Space Congress 2022 is a three-day event hosted by SIA-India and sponsored by the country’s defense and communications ministries. The event will see the attendance of about 700 space and satellite industry representatives from 20 countries.