Financial Daily from THE HINDU group of publications
Monday, Apr 11, 2005
Financial Daily from THE HINDU group of publications Monday, Apr 11, 2005 |
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Industry & Economy
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Foreign Trade Diversify exports to China, says CII study Our Bureau
New Delhi , April 10 AHEAD of the Chinese Premier, Mr Wen Jiabao's visit to India, the Confederation of Indian Industry (CII) has called for the diversification of the export basket to attain $20-billion trade between India and China by 2010 as compared to $13.6 billion in 2004. According to a study by CII, there should be a special focus on investment and trade in services and knowledge-based sectors, besides the traditional manufacturing sector. Trade between the two countries reached $13.6 billion in 2004 compared to $7.6 billion in 2003. Indian companies could enter the Chinese domestic market of $615 billion by using China as a production base. There is potential for growth in biotechnology, IT and IT-enabled services, health, education, tourism and the financial sector. India must shift its focus from primary exports to the export of high value-added products, according to the CII study. Marine products, oilseeds, salt, inorganic chemicals, organic chemicals, tanning/dyeing extracts, plastic and plastic articles, rubber and rubber articles, electrical machinery, engineering goods and machine tools, optical and medical equipment, and dairy products are some of the products with export potential identified by the chamber.
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