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New Delhi, May 26 The rising Indian IT investments in China are poised to increase substantially in the coming decade and thereafter, as Asia continues to be the dominant force in the world economy and China deepens its engagement with the world economy, Dr. Victor Fung, Vice-Chairman, International Chamber of Commerce (ICC).

Addressing a ICC India-FICCI meeting on ‘Asia and the Global Economy with specific reference to China’, Dr. Fung said, “There is an emerging new paradigm of South-South trade and investments that is one of the most exciting phenomena of the 21st century globalising world economy. I would expect the current trend of rising Indian investments in IT in China will not only be sustained, but increase significantly. This may also apply to other services industries.”

On India’s perception about China, Dr Fung said: “I think that India has gone from a state of some apprehension about China to a more strategic perception of seeking opportunities.”

Chinese foreign investments in energy and mining will also continue and intensify.

The current trend in respect to Africa, whereby China has become the biggest single investors, whose investments are greater than the combined investments of all OECD countries, will continue.

Similar developments will occur in Latin America, Central Asia and the Middle East. “The fact that Indian businesses are also building up positions in all these regions of the world is a very healthy sign” he said.

In respect of the OECD economies, China will remain a major supplier of manufactured goods and a major importer of capital goods and high-end consumer goods.

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