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Diversify to achieve $20 B bilateral trade with China: CII
By agencies
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Monday, 11 April 2005, 19:30 IST
NEW DELHI:With Chinese premier Wen Jiabao on a four day visit, the Confederation of Indian Industries (CII) has called for diversification of export basket to attain the desired $20 billion trade between India and China by 2010.
According to a CII study, special focus on investments and trade in services and knowledge-based sectors, besides traditional manufacturing must be given, in view of the dynamic comparative advantage of India.
The bilateral trade between the two countries reached $13.6 billion in 2004 as compared to $7.6 billion in 2003, a CII release said.
The study pointed out that Indian companies could enter the $615 billion Chinese domestic market by using it as a production base. Potential sectors and markets can be identified for investments for short, medium and long-term returns, the release said adding that services and knowledge trade between India and China has significant potential for growth in areas like Biotechnology, IT and ITeS, Health, Education, Tourism and Financial sector.
The study identified products in different categories for enhancing exports to China. Marine products, Oil seeds and Olea, salt, inorganic chemicals, tanning/dyeing extract, plastic and plastic articles, rubber and rubber articles, electrical machinery, engineering goods and machine tools, optical and medical equipment, dairy products, are some of the products, it said.