BEIJING: Minister for Science and Technology and Earth Sciences Kapil Sibal on Friday sought to pinpoint the benefits that would accrue to India and China through early implementation of a "strategic relationship."

At the inauguration of the `Made in India' show as part of the `India Everywhere' campaign here, Mr. Sibal made out a case for collaboration in various fields from agriculture to space technology. While the `C' in China stood for "capacity at low cost," the `I' in India stood for "innovation," he said. If the two most populous countries joined hands in various sectors of mutual interest, they could take on the rest of the world.

Work for the common man

Delivering the keynote address at the India-China Business Summit later in the day, Mr. Sibal said multinational corporations had entered China in hordes in view of the low manufacturing costs owing to cheap labour, while their entry into India was on account of the large talent pool, especially in software and knowledge-based industries. Although the entry of MNCs had benefited both countries, it had not done enough for the common man.

In such a situation, if India and China joined hands, especially in areas such as energy, water purification and environment, it would do a world of good for the common man. The time is right for them to cooperate instead of competing with each another.

Companies, he said, should look to developing solutions that are simple, affordable and accessible.

Referring to the `Made in India' show, Mr. Sibal said bilateral trade has been on the rise and is currently at $18.7 billion. The show, he said, would help expand the trade basket further. "Today, the world is driven by high quality and low cost which are the core areas of expertise for India and China, respectively. Thus, cooperation among the two will be a win-win situation for both China and India," he said.

Welcoming India's show during the `Friendship Year,' the Chinese Vice-Minister for Science and Technology, Cheng Jin Pei, and chairman of the Chinese Council for Promotion of International Trade, Wan Jifei, praised the country's consistent growth rate and excellence in software technology. This was the most opportune time for collaboration in various fields as the marriage of innovation, technology and low cost in the manufacturing and other sectors would benefit both countries.

Confederation of Indian Industry president R. Seshasayee said the chamber was excited about the potential of the economic links between the countries. "We are confident that a summit like this will deepen the friendship between the two countries. We suggest a target of $100 billion with Chinese business by the year 2015. There is a need to diversify the trade basket and strengthening of economic cooperation between the two countries is of extreme significance in the current global scenario, more so with respect to Asia," he said.

The `Made in India' exposition is the fourth in the series to be organised in China by the CII. With over 50 participants from a cross-section of industries, the exhibition is to showcase industry's quality goods, services and technologies. The participants include Suzlon Energy, Haldia Petrochemicals, Fashion Technology Park, and State Bank of India.

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