The Hindu Business Line : Closer India-China trade ties stressed

Mr Li Jun, General Secretary, China Entrepreneurs Forum (left), with Mr Y.K. Modi, President, FICCI, at the first Indo-China Industry & Commerce Leaders Forum in the Capital on Friday. — Ramesh Sharma

New Delhi, Feb. 20

STRESSING that India and China need to focus on increased cooperation in diverse fields such as agriculture and related activities, health, tourism, apart from manufacturing sectors and information technology, Mr S.N. Menon, Special Secretary, Department of Commerce, Ministry of Commerce and Industry, said, "There are distinct complementarities between the two economies."

Speaking at the first Indo-China Industry & Commerce Leaders Forum, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here on Friday, Mr Menon said, "We need to come together and exploit them fully to the betterment of the standard of living in both countries."

He also outlined the need to increase the number of joint ventures, foreign direct investment and greater collaboration to augment economic benefits for both the countries. "We feel that both trade and investment should go hand in hand," he said.

Mr Menon assured the Indian and Chinese business leaders that both the Governments are totally committed towards improving India-China cooperation and provide a conducive policy environment for trade and investment to grow and prosper together.

Referring to the $10-billion mark of trade potential between India and China, Mr Menon said that this goal appears to be rather modest keeping the rapidity with which both the economies are growing.

He further added, "What happens to growth in India and China matters a lot to what happens to global growth."

In his welcome address, Mr Y.K. Modi, President, FICCI, pointed out that India and China have already created a record by increasing its trade by seven times within four years — from $1 billion to over $7 billion.

He urged the Chinese and Indian business leaders to focus on investment in each other's country.