The Hindu : Business : China-India trade to surpass target

Online edition of India's National Newspaper
Tuesday, Jul 11, 2006

Business

Business

China-India trade to surpass target

Special Correspondent

Chinese enterprises bag many Indian project contracts

NEW DELHI: China exudes confidence that the $20 billion China-India trade target will be surpassed before 2008, thanks to the deepening trade and economic relations between the two countries. The deepening of bilateral trade and economic ties had helped increase the share in international trade, enhance the overall bilateral relationship and upgrade the living standards of the people, Zheng Quingdian, Minister Counsellor at the Chinese Embassy here said on Monday.

Addressing an interactive meeting, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), between members of the delegation from the Beijing Chaoyang District and representatives of Indian industry, Mr. Quingdian said: China has become India's third largest trading partner and India has emerged as China's largest trading partner in South Asia. The target of $20 billion trade volume in 2008 set by the two countries' leaders will be achieved ahead of time.''

He said the growing investment ties and economic cooperation could be gauged from the fact that in 2005, over 150 Indian enterprises, including Ranbaxy, TCS, Infosys, set up branches for over 1,000 projects in China.

Similarly, he said Chinese companies had established representative offices and had undertaken infrastructure construction in India. Since 2005, India had become one of the most important overseas markets of project contracts for Chinese enterprises, he said.

Hong Jiyuan, Director, Beijing Chaoyang Investment Promotion Bureau informed the meeting that Chaoyang District, located in east Beijing, was the hub of a variety of industries, including electronics, textiles, chemical engineering, machinery and automobile.

In addition, commerce, finance, tourism, material distribution and storage as well as new and high technology, real estate and modern agriculture were located in the district. The district's tremendous economic strength, sound investment environment and complete service facilities had attracted numerous domestic and overseas enterprises. He quoted the latest data to show that 13,000 enterprises had settled down in Chaoyang since the 1980s. In 2000 alone, 180 Sino-foreign joint ventures and solely foreign-funded enterprises settled in the district, he said.

Printer friendly page
Send this article to Friends by E-Mail

Business