Karnataka - Bangalore

`Good scope for increased Sino-Indian trade'

By Our Staff Reporter

BANGALORE, FEB. 7. There was great potential for increasing trade between India and China in many areas, including chemical, pharmaceutical, machinery, and electronics, Zhu Darong, Consul (Commercial), Consulate General of the People's Republic of China in Mumbai, said here on Saturday.

Speaking at the interactive meeting organised by the Karnataka Small Scale Industries Association (KASSIA) here, Mr. Darong said that even though the volume of bilateral trade had increased between the two countries, this was only a small share of the total trade of both the countries, and there was scope for expansion.

"China had advantages in machine building, light industry, and textile and engineering construction, while India enjoyed rapid growth in software, chemical, and pharmaceutical industry. There are bright prospects in trade, technological exchanges, and resource exploitation. As long as we look forward to the future and adhere to the principle of reciprocity and mutual benefit, our trade and economic cooperation will make continuous progress," he said.

Enumerating China's economic growth in the past five years, Mr. Darong said China's GDP rose from $ 894 billion in 1997 to $ 1232 billion in 2002, an average annual increase of 7.7 per cent. China's foreign exchange reserves were $ 286 billion and the GDP had grown to 9.1 per cent in 2003.

The Sino-Indian trade volume in 2003 came to $ 7.59 billion, showing an increase of 53.56 per cent from 2002, he said.

P.N. Ramachandran, Executive Director, India-China Chamber of Commerce and Industry, Mumbai, spoke on the services offered by the chamber.

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