Indo-China trade to reach $ 40 billion
by 2010: Chinese Envoy
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From left: Mr. Ajay Sahai, DG, FIEO, Mr. Subhash Mittal, Convenor, FIEO, Mr Sun Yuxi, Ambassador of China in India, Dr R K Dhawan, Chairman, FIEO (NR) and Mr Long Jian’an, Vice Chairman, Standing Committee of Guangzhou Municipal People’s Congress and Leader of Delegation |
Chinese Ambassador says that India-China bilateral trade is expected to reach about 30 billion dollar by 2008 and about 40 billion dollar by 2010. At a meeting organized by FIEO with 12 member business delegation from Guangzhou on 6th November at New Delhi, Mr. Sun Yuxi said after the reciprocal visits of Chinese President and Indian Prime Minister to each other country, the bilateral trade between the two sides has gained an unprecedented momentum. He further said the two countries can provide the best of the products and technologies not only to each other but also to the rest of the world.
The leader of visiting delegation and Vice Chairman of Standing Committee of Guangzhou Municipal Congress, Mr. Long Jian’an, in his address said Guangzhou is one of the most prosperous provinces of China with per capita income of about 7800 dollar. Sound industrial infrastructure of Guangzhou has attracted a large number of entrepreneurs and by 2006 there were 151 Fortune 500 companies in Guangzhou. Currently there are 11 Indian entrepreneurs operating in the province who have invested to the tune of 27.83 USD million and there is a huge scope of further Indian investment as well. Direct flight has been introduced between Guangzhou and India which will help expand bilateral trade between the two sides, he continued.
The Northern Region Chairman of FIEO, Dr. R. K. Dhawan, during his address informed that India’s exports in the last five years had grown from 1975 million USD to 8294 USD while imports from China had also seen a remarkable rise from 2792 million USD in 2002-03 to 17461 million USD in 2006-07. Dr. Dhawan concluded saying that the bilateral trade projections made by the Chinese Ambassador would most likely come true.
FIEO Director General Mr. Ajay Sahai said though India has attracted only one-fourth of the total FDI worth 60 USD billion attracted by China, India has replaced US as the second most preferred destination in attracting the FDI. Commenting on the upsurge of Chinese economy in the recent years, he said productivity, low wages and liberal trade policies have been the main accelerators of Chinese economy. Among the list of doables to raise bilateral trade between the two sides, Mr. Sahai placed emphasis on relaxing visa norms to facilitate the movement of business community across the border.
