For the first time ever, a 70-member business delegation from China, is arriving here next week.
Led by Chinese vice-minister of commerce Gao Hucheng, the delegation including senior executives of China Chemicals, China Petrol, China Machinery, China Grid and Sino Steel – all leading state-owned enterprises?as well as other representatives of key Chinese companies will be here for the first ever government procurement mission.
According to officials, the delegation that is arriving in New Delhi on October 8, will have in-depth two day interaction with senior officials at Ficci in an effort to find ways to further boost and strengthen trade between the two sides and to cover the existing trade gaps between the two.
?The delegation that comprises all the major players of China have shown a keen interest in India and wants to find out what is on offer,? the official added.
During the visit here, the Chinese official Gao is scheduled to meet minister of state for commerce Jairam Ramesh and commerce secretary GK Pillai and will later leave for Bangalore Oct 11 to look at India?s Information Technology hub before returning to China.
The trade between the two countries has been growing at an exceptional pace and has already surpassed the $40-billion mark. China is now India?s largest trading partner, having pushed US to the second spot. However, the current trade figures are heavily tilted in China?s favour and till the end of 2007 the gap between the two countries was over $9 billion.
The investment between China and India has been expanding, and contracted projects keep increasing. India and China are the fastest growing large economies in the world, and economic cooperation between the two has become a principal driver of strategic and cooperative partnership for peace and prosperity.
Although the bilateral trade may be scaling new heights with each passing year, the notable factor that is a matter of concern for the Indian side is the rising trade deficit each year. The country?s trade deficit with China rose from the level of $ 816 million in 2002-03 to $ 9,159 million in 2006-07.
Prime minister Manmohan Singh during his visit to China earlier this year had suggested that Indian and Chinese industry and commerce circles should further deepen understanding and cooperation so as to achieve mutual benefits.
