China and India: grow by growing together
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As neighbors and the two largest emerging economies, "China and Indian can only grow by growing together," said the Indian Ambassador to China Dr. S. Jaishankar at a "Meet the Press" luncheon Thursday in Beijing.
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| Indian Ambassador to China Dr. S. Jaishankar delivered a speech at a "Meet the Press" luncheon Thursday in Beijing.[Li Shen/China.org.cn] |
In 2001, bilateral trade between China and India stood at just US$2 billion. By 2008, it had reached US$52 billion. The two countries met their target of US$40 billion three years ahead of schedule and seem on course to reach US$60 billion by 2010.
In 2008, China surpassed U.S. to become India's largest trading partner in goods. India is the 10th on China's trading partner list.
Twelve Indian banks operate in China.
TATA Group, one of India's leading companies, opened a representative office in Beijing in 2006. It now has two rolling mills, a refractory plant and an auto components factory, and is involved in steel, automobiles, IT, and logistics. "We are seeking business opportunities in the hospitality industry and chemical engineering," said Frank Li, deputy general manager of TATA Group in China.
Indian IT companies are demonstrating their capabilities by delivering banking, stock exchange and forex trading solutions in China. WIPRO, a major Indian outsourcing player, launched its global delivery center in Chengdu, southwest China's biggest city on November 26, 2009. The new center, providing IT & BPO services to its customers, is in addition to an existing office in Shanghai.
On the other side, Chinese companies have built up an impressive record of exports and have emerged as important players in infrastructure projects in India.
