Business Daily from THE HINDU group of publications
Tuesday, Jul 11, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 11, 2006 |
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Industry & Economy
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Foreign Trade `India, China to achieve $20-b trade target ahead of schedule' Our Bureau
New Delhi , July 10 The target of reaching trade volumes of $20 billion between India and China by 2008 will be achieved ahead of time, said Mr Zheng Quingdian, Minister Counsellor, Embassy of the People's Republic of China, at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) between members of a delegation from Beijing's Chaoyang District and representatives of Indian industry here on Monday. Mr Quingdian said, "Our bilateral trade is growing at a high speed. In 1999, the bilateral trade volume was less than $2 billion. This rose to $18 billion in 2005. China has become India's third largest trading partner and India has emerged as China's largest trading partner in South Asia. The target of $20 billion trade volume in 2008 set by the two countries will be achieved ahead of time." He further said that the deepening bilateral trade and economic relations between India and China had paved the way for speedier growth of the economies of the two countries. This had helped increase the share in international trade, enhance the overall bilateral relationship and upgrade the living standards of the people. The growing investment ties and economic cooperation between China and India could be gauged from the fact that in 2005, over 150 Indian enterprises, including Ranbaxy, Tata Consultancy Services and Infosys set up branches for over 1,000 projects in China. Dozens of Chinese companies have also established representative offices and taken up infrastructure construction in India. Mr Quingdian pointed out that since 2005, India had become one of the most important overseas markets of project contracts for Chinese enterprises.
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