Chinese firms to bid for India infra projects: China

NEW DELHI: With India planning to invest over USD 1 trillion in infrastructure projects in the next five years, Chinese companies are gearing up to cash in on the opportunity, a Minister in Chinese Embassy said today.

"The Indian government's plan to invest USD 1 trillion in infrastructure projects offers excellent opportunity for Chinese companies to participate," Wang Xuefeng, Minister at the Embassy of China, said at an event here.

He added that India offers several competitive advantages in manufacturing and infrastructure construction.

"In the past three years, Chinese enterprises have completed India infrastructural projects with a total value of USD 10 billion...," Wang said.

He brushed aside fears of hike in tariff and non-tariff barriers on imports of some Chinese goods by India or a complete ban on specific items like power and telecom equipment.

Janata Party chief Subramaniam Swamy, who was also present at the event said that India and China should identify complementaries in the areas of manufacturing, services and innovation.

He cited the example of hydrogen fuel cells which have a great future and can reduce dependence on hydrocarbons.

"We must create an atmosphere of negotiated settlements as stable economic cooperation requires complete and clear political understanding," he said.

In 2010-11, the India-China bilateral trade stood at USD 63.09 billion, wherein the trade gap is in favour of China.

Indian exports to China comprise of metals and ores besides cotton while imports are of electrical machinery, nuclear reactors, boilers, chemicals, fertilisers, iron and steel.