Chinese delegation woos Indian investors

The total trade volume between India and China is expected to exceed $50 billion in 2010, according to Wenbang Fang, vice-chairman (administrative committee), Suzhou Industrial Park.

Fang was representing a delegation that was here today to woo Indian IT companies to look at Suzhou for further investments.

Addressing a seminar organised by the Confederation of Indian Industry (CII) in this regard, Fang said, "Although India and China are different in political systems and economic growth mode, we have an extensive common ground to cooperate on the basis of mutual benefit. The trade volume between the two countries is increasing annually at the rate of 30 per cent."

In 2005, the bilateral trade was estimated to be $14 billion.

The Suzhou Industrial Park (SIP) is the largest cooperative project between the governments of China and Singapore. So far, more than 50 Fortune 500 companies such as Samsung Semiconductor and Bosch have set up their presence in the park.

According to Daisy Gao, deputy general manager of SIP Science and Technology Development Co, Ltd, "The Indian companies can focus on government procurement, finance, distribution and logistics sectors as these have potential for growth. Also, in telecom we still do not have a solution for tariff calculation for 3G. So there is huge potential in this area as well."

China is estimated to have received $56 billion foreign direct investment in 2004.