India unveils major trade exhibition in China

Friday, 17 October 2003, 19:30 IST
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BEIJING: With a view to boosting collaboration between Indian and Chinese companies in a vast spectrum of industrial sectors, one of India's premier lobby groups launched a major trade exhibition here Thursday. The three-day "Made in India" exhibition is being sponsored by the Confederation of Indian Industry (CII), the Indian embassy in China and the China Council for the Promotion of International Trade. Nearly 100 Indian companies will showcase products for export, including garments, vehicles, vehicle fittings, motorcycles, telecommunication and information technologies, as well as tourism products, Xinhua news agency reported. Forums on selected industries and an Indian food festival will also be held. A delegation of over 300 Indian entrepreneurs will attend the exhibition and meet their Chinese counterparts. Inaugurating the first-ever "Made in India" show in China, India's Commerce and Industry Minister Arun Jaitley said the exhibition was designed to show the development and potential of Indian companies and to boost bilateral trade. Terming India and China as the world's emerging economic superpowers, Jaitley said with huge market bases and inherent strengths in manufacturing both countries could tap their hidden potentials. India's trade with China increased 106 percent last year while China has seen a growth of 40 percent. Jaitley said India and China should aim for bilateral trade of $10 billion by the end of 2005. Statistics show Sino-Indian trade has grown at an annual rate of 30 percent since 2000, and reached $5 billion in 2002. By August, trade between China and India had touched $4 billion. Jaitley said over the last 30 years, changes in government in both countries had not affected their economic policies. He noted India had favourable trade and labour policies, a rationalised tax system, highly skilled technical manpower and great entrepreneurship that had driven the Indian economy to the forefront. Chen Jian, assistant minister in China's ministry of commerce, said economic cooperation between the two sides was deepening not only in bilateral trade but also in foreign direct investment. He urged businessmen in both countries to leverage on opportunities in the emerging sectors of software and hardware. CII director general Tarun Das said the exhibition was an initiative to build trust and confidence between the two countries for strong economic cooperation. Prominent Indian companies participating at the show include Ashok Leyland, Air India, Essar Shipping, Essar Steel, Godrej and Boyce, Infosys Technologies, Lucas-TVS, Steel Authority of India and Tata Steel.
Source: IANS