ID :
125344
Tue, 06/01/2010 - 12:18
Auther :

Patil seeks closer India-China business cooperation

Priyanka Tikoo
Shanghai, May 31 (PTI) President of India Pratibha
Patil Monday concluded her first state visit to China asking
business leaders of the two Asian giants to develop "models of
cooperation" that will address concerns of both sides to forge
a long-term partnership and realise their true trade
potential.
Describing her six-day visit to China as "very
productive", the President said the relationship between the
two countries has the potential to become "one of the biggest
economic and business relationships of the century".
Addressing the India-China Business Forum here on the
last day of her visit, Patil, said there was a need to make
India's export basket fairly representative of its competence.
The the first Indian Head of State to visit China in a
decade, she said India stands ready to do more business and
welcomed investment by Chinese companies.
"For a long-term partnership, it is important that we
develop models of cooperation that take into account the
concerns of both parties. I am sure that this will happen
even as our economic relationship unfolds," she said.
Lauding the growth in bilateral trade from a modest
USD 3 billion in 2000 to an impressive USD 52 billion in 2008,
the President said there was still "considerable room" for
further expansion.
"India's export basket to China is not representative
of India's competence in a number of areas - for example
pharmaceuticals and engineering products constitute only a
small portion. Similarly, India's vaunted IT industry has a
limited presence in the Chinese domestic market," she said.
"There is good reason to believe that we will achieve
the target we have set ourselves, of a US Dollars 60 billion
turnover in two-way trade this year," she added.
During her talks with her Chinese counterpart Hu
Jintao and Premier Wen Jiabao in Beijing, Patil had sought
access to Indian pharmaceutical industry, IT and engineering
companies.
"I am confident that there is political will and
determination on both sides, to rapidly broaden the vistas of
cooperation," she said.
In 2009, the trade imbalance between the two nations
tilted heavily against India. China enjoyed trade surplus of
USD 16 billion out of the total USD 44 billion bilateral trade
and its exports to India nearly touched USD 30 billion.
Patil also said for the economic potential to be truly
realised, the business, financial and other economic
institutions of the two countries will have to get to know
each other well and develop "sufficient comfort levels".
"The impact of our cooperation can be felt around the
world," she said.

During the President's visit, India secured an
assurance from China that it will "seriously" address the
unviable trade imbalance.
The assurance was conveyed to the President by Chinese
Premier Wen and was reiterated in this commercial capital of
China by the Shanghai Municipal Communist Party Secretary Yu
Zhengsheng.
China also opened for the first time its market for
Indian agricultural produce by allowing the maiden commercial
consignment of mangoes from India.
Emphasising the need for more energetic and focused
efforts for "making our presence felt" in China's markets,
Patil said: "We need more success stories to encourage Indian
industry to participate".
She noted that the meeting of the India–China Joint
Economic Group in January had affirmed the need to address
challenges of market access and trade imbalance.
She said India was currently China's 10th largest
trading partner and it "must strive to improve on that
standing" by focussing on four thrust areas for market
development -- IT, pharmaceuticals, engineering and
agro-products.
"We are large developing economies focused on raising
the living standards of our people. There is much that we can
do, if we only do it together. The impact of our cooperation
can be felt around the world," she said.
"An important part of the challenge of further
developing our ties rests on the shoulders of our business
communities. I am confident that you will rise to this
challenge," she said. PTI PYK
KAB

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