India Inc opens largest-ever trade show in China

By siliconindia   |   Thursday, 16 October 2003, 19:30 IST
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BEIJING: Launching the largest-ever Indian industrial exposition here on Thursday, Union Commerce and Industry Minister Arun Jaitley said that a dynamic India, enjoying political stability and economic growth, is ready to join hands with China to accelerate trade ties to achieve the targeted $10 billion in bilateral trade by end of 2004. Noting that India-China economic relations have witnessed qualitative transformation in recent years, Jaitley said during the first eight months of this year, bilateral trade has already crossed the $4 billion mark. "At the current rate, the bilateral trade target of $10 billion that our two prime ministers have set for us is within reach," Jaitley said while inaugurating the 'Made in India' show, jointly organised by the Confederation of Indian Industry (CII) and the Indian embassy. Jaitley stressed that the reform process initiated by India has not been affected by change of governments in the country. "Changes in governments has not changed the direction of the reform process," he said while stressing that the Indian economy has registered impressive expansion and growth in the last two decades. "Over the last 12 years, the Indian economy has maintained an average annual growth of over six per cent. We have targeted an eight per cent growth over the next five years, and we aim to double the gross domestic product (GDP) within the next decade," he told the captains of Indian and Chinese industries at a well-attended opening ceremony. The minister lauded China's sustained high economic growth for more than two decades which he described as a phenomenon that has attracted the interests of analysts globally. Stressing that India and China are two of the most dynamic and rapidly expanding economies in the world, he said that trade shows such as the 'Made in India' exposition would go a long way in creating awareness and understanding about each other's economic, industrial and commercial capabilities. "Through the Made in India show, the Indian private sector brings to China the Made in India brand, that has already achieved international recognition," he said. Jaitley said India looks to China as a business partner, not as a competitor and especially noted that the visit of Prime Minister Atal Bihari Vajpayee to China in June has imparted a new thrust and direction to bilateral economic ties. "We must both adopt a forward-looking approach in building our economic relationship that is mutually beneficial and rewarding," he said.

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