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India may overtake HK, Taiwan in trade with China
By agencies
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Tuesday, 19 April 2005, 19:30 IST
MUMBAI: Medium-sized businesses from Hong Kong, Taiwan and Singapore top the chart of imports and exports with China. Grant Thorntons international business owners survey 2005 shows that 54 percent of medium-sized businesses in Hong Kong import from China and 29 percent export to China.
Grant Thornton survey points out that Hong Kong, Taiwan and Singapore have a competitive edge in trade with China due to the cultural interlinking. Within the next five years, India has the potential to displace them. Value-added exports from India have great potential in sectors like software, technology and textiles, the survey added.
China is poised to become a trade partner of India as important as the U.S. is. The recent visit of the Chinese Premier to India augurs well in this direction, the survey said adding that it is very difficult for non natives to adapt to the Chinese environment easily. On top of that, many Chinese companies have specific manufacturing competencies.
Those Indian companies, who cannot compete against this in the global arena, are now looking at leveraging on the Chinese advantage, by way of sourcing, distribution, technology or human resource tie-ups, it said.