The Hindu Business Line : Invest in core sectors: China

On offer
FICCI, CCPIT to set up joint working group
Beijing, Shanghai, Xian compete to attract trade
FICCI offers to play role of facilitator

A FILE picture of Mr S.K. Poddar, President, FICCI, with Mr Wan Jifei, Chairman, CCPIT, in Beijing. — Ramesh Sharma

Shanghai , April 23

China has invited India Inc to invest in its core sectors such as petroleum and hydrocarbons, fine steel, ship building, machinery and equipment, pharmaceutical and bio pharma, coal, micro-electronics, etc. It has also shown keen interest to partner with States such as Gujarat and Maharashtra for trade and investment.

Speaking after his meeting with the senior functionaries of CCPIT (China Council for the Promotion of International Trade), Mr Saroj Kumar Poddar, President Federation of Indian Chambers of Commerce and Industry (FICCI) said, "There is a definite change in perception towards India. China is keen to expand trade relations with India."

There seems to be a competition between various important Chinese cities such as Beijing, Shanghai and Xian to attract trade and investment into their respective areas, he said. Mr Poddar recently led a high-level CEO delegation to China.

Elaborating on his meeting with the Party Secretary of Xian Provincial Communist Party of China, Mr Li Jianguo, the FICCI President said that Xian had large deposits of coal and has invited investments in the sector. "The invitation is to invest in setting up coal-based fertiliser plants. They are looking for areas which could add value to theraw materials available in abundance in the area," Mr Poddar explained.

He said that FICCI had offered to play the role of a facilitator. The apex Indian chamber plans to update the Commerce Minister, Mr Kamal Nath, and other senior Indian officials on the prospects of developing India-China trade and investment relations.

In Shanghai, the FICCI CEO delegation had a meeting with the Chairman of CCPIT, Mr Cen Furong and the Vice Mayor of Shanghai, Mr Hu Yanzhao. During the interaction, the Indian CEOs were invited to examine investment prospects in core sectors like micro electronics, petroleum and hydrocarbons, steel, ship building, pharmaceuticals etc. that are dominant in the city. Consequently, FICCI and CCPIT have decided to set up joint working group to be led by Deputy Secretary General of CCPIT, Shanghai and FICCI Secretary General.

The group would be looking at the specific sectors in the city and prepare an action plan to strengthen business ties as well as outline investment opportunities in the sectors, Mr Poddar added.

The report is expected to be ready by September, when a Chinese business delegation is expected to visit India, the FICCI President pointed out.

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