Indo-Chinese trade experiencing downtrend
Though the volume of bilateral trade between India and its largest trading partner China is expected to touch the record 100 billion USD mark by 2015, it has in fact nose-dived and recorded a minus growth during the first four months of the current fiscal.
This was stated here today by the Chinese Consul General in Kolkata Zhang Lizhong while participating in an interactive session with members of the city's premier MCC Chamber of Commerce on the present 'Indo-Chinese relations and its Growth Path'.
Blaming the current global economic slowdown leading to drastic cut in both export and imports for the negative effect in the volume of trade this year, the Chinese envoy said, however, during the last financial year the two way business had recorded an unprecedented 19.3 per cent jump to touch the figure of 73.9 billion USD by March 31, 2012.
"Like India we have also been affected by the global economic slowdown and this was reflected in our trade and business relations," Mr Lizhong said, but hoped that before the year end the situation would become normal with both the countries recording positive growth.
Referring to the century old socio-economic and cultural ties between the two Asian giants, the Chinese Consul General said during the past few years the relations had become much closer with more and more visas opening in different sectors.
He said since the globalisation of the Indian economy, more than 25 Chinese companies had been participating in nearly 30 joint venture projects in five Eastern Indian states comprising West Bengal, Orissa, Bihar, Jharkhandand Chittsgarh in diversified sectors like steel, energy, coal and environment.
Though some of them had faced some intial hickups and suffered substantial losses, the situation had improved now following a series of measures taken by both the governments at top level, Mr Lixhong said and hoped more and more such collaborative ventures would come up in future too.
Underlining the huge scope for the growth of tourism in both the countries, the Chinese envoy informed that though over 600,000 Indians visited China and more than 1,20,000 Chinese toured different Indian cities last year, there was much more potential to increase the number on both sides by manifold.
In this connection he cited the example of the successful running of a number of daily flights between different Indian and Chines cities inter-connecting Beijing, Shanghai and Kuming with Kolkata, Delhi and Mumbai over the last several years.
He also referred to the importance of more people to people contacts in both the countries and said the chambers of commereces of both India and China could play a vital role in this connection.
Incidentally, a 20 member MCCI business delegation is scheduled to visit China- Beijing, Shaghai, Guanddong and Kumming-next month to explore the possibilities of more joint ventures in different fields, he said.