Indian industry keen to expand trade basket in China
Indian industry looks forward to Prime Minister's upcoming visit to China with the hope to expand its trade basket but is wary of a Free Trade Agreement.
By PTI |
BEIJING: Indian industry is looking forward to Prime Minister Manmohan Singh's upcoming visit to China with the hope to expand its trade basket but is wary of a Free Trade Agreement (FTA) with Beijing, saying it is too early to sign it.
As Singh, accompanied by a high-profile business delegation, begins his maiden three-day visit from January 13, the Indian industry also expects that the visit would further boost Chinese investment in India in sectors such as roads, power, highways, urban infrastructure and manufacturing.
"Indian businesses have grown manifolds since the last visit of the Indian Prime Minister in 2003. Since then, Indian businesses have increasingly explored the opportunities in China in various sectors," Madhav Sharma, Chief Representative of CII's China office in Shanghai, said.
The bilateral trade is at USD 34 billion, a 10-fold jump since 2002, with a growing trade deficit between the two countries. It is expected to reach USD 40 billion or more by 2010.
"This shows that Indian and Chinese businesses are increasingly collaborating and cooperating. But, at the same time, the potential is huge," Sharma said.
Reflecting the depth of the business content to the visit, the high-power delegation led by Sunil Mittal, Chairman and Group CEO of Bharti Enterprises, includes heavyweights covering a broad spectrum of sectors such as automotive, telecom, engineering, construction, information technology, education, tourism, airlines, media and entertainment.
As Singh, accompanied by a high-profile business delegation, begins his maiden three-day visit from January 13, the Indian industry also expects that the visit would further boost Chinese investment in India in sectors such as roads, power, highways, urban infrastructure and manufacturing.
"Indian businesses have grown manifolds since the last visit of the Indian Prime Minister in 2003. Since then, Indian businesses have increasingly explored the opportunities in China in various sectors," Madhav Sharma, Chief Representative of CII's China office in Shanghai, said.
The bilateral trade is at USD 34 billion, a 10-fold jump since 2002, with a growing trade deficit between the two countries. It is expected to reach USD 40 billion or more by 2010.
"This shows that Indian and Chinese businesses are increasingly collaborating and cooperating. But, at the same time, the potential is huge," Sharma said.
Reflecting the depth of the business content to the visit, the high-power delegation led by Sunil Mittal, Chairman and Group CEO of Bharti Enterprises, includes heavyweights covering a broad spectrum of sectors such as automotive, telecom, engineering, construction, information technology, education, tourism, airlines, media and entertainment.
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