Financial Daily from THE HINDU group of publications
Saturday, May 13, 2006
Financial Daily from THE HINDU group of publications Saturday, May 13, 2006 |
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Industry & Economy
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Foreign Trade Chinese team keen to develop bilateral trade Our Bureau
Chennai , May 12 The Chinese are here. And they want a piece of the Indian business pie. A Chinese delegation, with people from industries such as infrastructure, textiles, leather, IT, and electricals and electronics, is in India looking for business and trade opportunities. Mr Sun Dongxing, Vice Director, United Front Office of Bengbu Municipal Committee, who is part of the delegation, said at a business meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), here on Friday that the delegation is keen to exchange ideas and communicate with Indian counterparts to develop bilateral trade between the two countries. Mr M. Rafeeque Ahmed, Chairman, FICCI - Tamil Nadu State Council, said India will have to identify new products and diversify its exports to China if it is to attain the planned target of $30 billion in bilateral trade with China by 2009.
DGCI&S figures
He said the DGCI&S figures indicate that the total trade between India and China in 2005-06 is likely to touch the $15-billion mark. While this is a positive development from $12 billion in 2004-05, the relative shares of the two countries in each other's global trade continues to remain small, with China accounting for about 4.5 per cent of India's total world trade, and India accounting for just 1 per cent of China's. He said the FICCI's analysis has shown that it would be beneficial for India to focus on exporting products such as chemicals, drugs and pharmaceuticals, plastics, electrical equipment and machinery, and agricultural products to China. For China, products such as audio/video equipment, electrical machinery, optical and medical instruments and transportation equipment should find a good market in India, he said.
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