Date:28/03/2006 URL: http://www.thehindubusinessline.com/2006/03/28/stories/2006032803991900.htm

Back China body signs trade pact with ICC

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Ningbo has had a booming economy for the past two decades.
India has scope to invest in low power consumer business such as IT, software and knowledge-based industries.

Kolkata , March 27

The Ningbo Municipal Bureau of Foreign Trade & Economic Co-operation of China on Monday signed a bilateral agreement with the city-based Indian Chamber of Commerce (ICC) here to promote business between Ningbo and India. The agreement, valid for six years, was signed by the ICC President-elect, Mr S.K. Bangur and the Vice-Director of the Ningbo Municipal Bureau, Mr Li Xinhua.

Speaking at the signing ceremony, Mr Xinhua said the coastal city of Ningbo in Zhejiang province was the world's biggest consumer goods production base with great competitive strength. The place also has a good export base with logistics facilities, which include the offices of around 20 international shipping lines.

Being one of the earliest Chinese to have opened up to the outside world, Ningbo has had a booming economy for the past two decades. He said that India had the opportunity to invest in Ningbo in low power consumer business such as IT, software and knowledge-based industries, while it would be easier and profitable for Indian to buy consumer goods from Ningbo at very low prices, compared to any other countries.

He announced that the 5th International Consumer Goods Fair would be held here from June 8 to 12. There would be about 3,000 booths to accommodate 1,500 exhibitors compared the last year's 2,200 booths and 1,260 exhibitors. The overseas exhibit section was specially arranged for the attending overseas exhibiting companies, including international purchasing groups, e-commerce and foreign trade services. He invited local businessmen to participate the goods fair.

The ICC President, Mr S.K. Bangur, said that the chamber would like to extend its full support to businesses in China to tap the new economic opportunities emerging in the region. "