India & China sign MoUs worth over USD 2.4 billion to strengthen bilateral trade relations
Updated: Nov 27, 2014 12:43:35pm
New Delhi, Nov 27 (KNN) There is a need for the dynamic entrepreneurs of India and China to collaborate, cooperate and deepen the business engagement to conquer the world markets, said Secretary (DIPP), Ministry of Commerce and Industry, Amitabh Kant.
Kant was speaking at the ‘India-China (Zhejiang) Business Cooperation Conference’, organized by FICCI in association with Zhejiang Federation of Industry and Commerce here yesterday, according to an official release.
At the business meeting, a high powered 100-member business delegation from China exchanged ideas with their Indian counterparts on how the two countries could further widen and deepen their economic engagement. The emphasis was on providing a roadmap to address the difficulties that have so far inhibited growth in bilateral trade and investment between the two countries.
Memorandum of Understandings (MoUs) worth over USD 2.4 billion were signed at the conference, the biggest being one between Kunlun Chuangyuan Investment Company Ltd. (Zhejiang) and Kiri Infrastructure Pvt. Ltd. (India) for the project ‘India International Trade Centre in Gujarat’ worth USD 1500 million, the release added.
Kant said that India excels in software and IT development and China’s growth can be attributed to its manufacturing sector. By collaborating on the two sectors, there was scope for advanced manufacturing and the two nations could penetrate the world market with the unique mix.
He stated that, at present, India faces a trade deficit which is an unsustainable situation and cannot continue for long. With an open up business environment, Chinese companies should invest and set up businesses in India to bridge the trade deficit.
Also speaking on the occasion, , President, FICCI and Chairman, XPRO India Ltd, Sidharth Birla said, “We are happy that China has acknowledged that trade deficit is a matter of concern to us; our five year trade and economic cooperation pact is geared to addressing this. Market access issues faced by our firms in sectors like pharmaceuticals, IT and agricultural products should get resolved with renewed effort from China to import value added products from India.”
He informed that on the sidelines of President Xi Jinping’s visit, FICCI had organized an India-China Business Meeting with the support of Ministries of Commerce on both sides, and Chinese companies signed buying orders for about USD 740 million. A notable development was the agreements for setting up of Chinese industrial parks in India. Two agreements worth nearly USD 7 billion were signed for Gujarat and Maharashtra.
Significantly, present at the meeting was Executive Chairman, Alibaba, Jack Ma who had captured the world stage with the record-breaking USD 25 billion initial public offering of e-commerce powerhouse Alibaba Group on the New York Stock Exchange.
Addressing the business conference, Ma said that Indo-China business cooperation had a lot of potential and he was hopeful of closer business ties between India and China and more Indian vendors selling products to Chinese users via Alibaba.
He said that India is a great nation with many young people and has great products that can sell through his platform in China. Right now it's a wonderful time for India and China to do business, particularly after the visit Chinese President to India.
“We will improve our platform and technology in the future. Internet is changing the world and Internet will change India too,” Ma added.
Other dignitaries who spoke at the event were - Chargé d'Affaires, Embassy of the People’s Republic of China, Yao Jing; Party Secretary of Zhejiang Committee of the CPC, Chairman of the Standing Committee of Zhejiang Provincial People’s Congress, Xia Baolong; and Member of the Standing Committee of the Chinese People’s Political Consultative Conference, Chairman of Zhejiang Federation of Industry and Commerce, Board Chairman of CHINT Group, Nan Cunhui. (KNN/ES)
Kant was speaking at the ‘India-China (Zhejiang) Business Cooperation Conference’, organized by FICCI in association with Zhejiang Federation of Industry and Commerce here yesterday, according to an official release.
At the business meeting, a high powered 100-member business delegation from China exchanged ideas with their Indian counterparts on how the two countries could further widen and deepen their economic engagement. The emphasis was on providing a roadmap to address the difficulties that have so far inhibited growth in bilateral trade and investment between the two countries.
Memorandum of Understandings (MoUs) worth over USD 2.4 billion were signed at the conference, the biggest being one between Kunlun Chuangyuan Investment Company Ltd. (Zhejiang) and Kiri Infrastructure Pvt. Ltd. (India) for the project ‘India International Trade Centre in Gujarat’ worth USD 1500 million, the release added.
Kant said that India excels in software and IT development and China’s growth can be attributed to its manufacturing sector. By collaborating on the two sectors, there was scope for advanced manufacturing and the two nations could penetrate the world market with the unique mix.
He stated that, at present, India faces a trade deficit which is an unsustainable situation and cannot continue for long. With an open up business environment, Chinese companies should invest and set up businesses in India to bridge the trade deficit.
Also speaking on the occasion, , President, FICCI and Chairman, XPRO India Ltd, Sidharth Birla said, “We are happy that China has acknowledged that trade deficit is a matter of concern to us; our five year trade and economic cooperation pact is geared to addressing this. Market access issues faced by our firms in sectors like pharmaceuticals, IT and agricultural products should get resolved with renewed effort from China to import value added products from India.”
He informed that on the sidelines of President Xi Jinping’s visit, FICCI had organized an India-China Business Meeting with the support of Ministries of Commerce on both sides, and Chinese companies signed buying orders for about USD 740 million. A notable development was the agreements for setting up of Chinese industrial parks in India. Two agreements worth nearly USD 7 billion were signed for Gujarat and Maharashtra.
Significantly, present at the meeting was Executive Chairman, Alibaba, Jack Ma who had captured the world stage with the record-breaking USD 25 billion initial public offering of e-commerce powerhouse Alibaba Group on the New York Stock Exchange.
Addressing the business conference, Ma said that Indo-China business cooperation had a lot of potential and he was hopeful of closer business ties between India and China and more Indian vendors selling products to Chinese users via Alibaba.
He said that India is a great nation with many young people and has great products that can sell through his platform in China. Right now it's a wonderful time for India and China to do business, particularly after the visit Chinese President to India.
“We will improve our platform and technology in the future. Internet is changing the world and Internet will change India too,” Ma added.
Other dignitaries who spoke at the event were - Chargé d'Affaires, Embassy of the People’s Republic of China, Yao Jing; Party Secretary of Zhejiang Committee of the CPC, Chairman of the Standing Committee of Zhejiang Provincial People’s Congress, Xia Baolong; and Member of the Standing Committee of the Chinese People’s Political Consultative Conference, Chairman of Zhejiang Federation of Industry and Commerce, Board Chairman of CHINT Group, Nan Cunhui. (KNN/ES)
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