Financial Daily from THE HINDU group of publications
Tuesday, Apr 12, 2005
Financial Daily from THE HINDU group of publications Tuesday, Apr 12, 2005 |
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Foreign Relations Industry & Economy - Foreign Trade Scope for better ties in hi-tech areas: Chinese PM Our Bureau
The Prime Minister, Dr Manmohan Singh, with his Chinese counterpart, Mr Wen Jiabao, during the ceremonial reception at the Rashtrapati Bhawan on Monday. - V. Sudershan
New Delhi , April 11 THE visiting Chinese Premier, Mr Wen Jiabao, on Monday asked India to join hands and make further endeavours to implement a long-term plan for trade and economic co-operation. Addressing the India-China Business Cooperation Conference here, Mr Wen also underscored the need for both countries to remove trade barriers and create an environment that would be conducive for expansion of trade. The conference was jointly organised by the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry. Stating that both countries should continue to expand and promote trade in steel, electronics, organic chemicals and machinery equipment, Mr Wen said there was lot of potential for increased co-operation in hi-tech areas (space, biotech and nanotechnology). Mr Wen invited Indian industry to make investments in China. He also held that Chinese enterprises have a competitive edge in areas such as road construction, ports and other infrastructure related industries and such companies could assist India in improving its infrastructure. On bilateral trade, Mr Wen said the existing bilateral trade level of $13.6 billion account for 1 per cent of 5 per cent of India-China's total trade. "The current bilateral trade level is too insignificant," he said. Meanwhile, the Commerce and Industry Minister, Mr Kamal Nath, indicated in his address at the conference that China was poised to become India's largest trading partner in two or three years if the rapid growth in bilateral trade seen lately is maintained. He however held that investment flows from China into India have not picked up. "Two-way investment flows between China and India should be another area of focus," Mr Kamal Nath said. The CII President (designate), Mr Y.C. Deveshwar, said that Indian industry looks forward with great excitement and anticipation to the integration of the two large Asian economies and the limitless horizons ahead.
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