Youfa was addressing at the interactive session with the Standing Committee of People's Congress of Hubei Province, China organised by the MVIRDC World Trade Centre Mumbai and All India Association of Industries.
The Consul General said, "The Indo-Chinese bilateral trade is biased in favour of China. In order to address the trade imbalance it is vital that the two economies identify more trade able goods to further prospective exchange of goods and services."
He added, "Secondly, India demonstrates a competitive marketing edge while China is a manufacturing led economy. The two nations must form joint ventures to explore areas of individual expertise to capture global markets."
"Thirdly, the economies must encourage two-way investment in the sectors of education, information technology, pharmaceuticals, R & D, etc.," Youfa said.
However, addressing the obstacles in the way of mutually beneficial trade shall be time consuming, he cautioned.
Elaborating on the Indo-Chinese trade relations Youfa said that the current bilateral trade between India and China stands at USD 65 billion.
"We intend to cross bilateral trade worth USD 100 billion in the years to come. However, the current dismal economic prospects across the globe have restricted the growth of mutually beneficial trade," he added.
Vijay Kalantri, President, All India Association of Industries and MVIRDC World Trade Centre Mumbai said that trade and economic relationship between India and
China has shown rapid progress in the last few years.
"Indian exports to China include cotton raw and yarn, non-ferrous metals, iron ore, other ores and minerals, plastic & linoleum products, spices, Dyes/intermediates, machinery & instruments and petroleum (crude& products)," Kalantri said.
"Major imports from China include electronic goods, machinery, organic chemicals, project goods, fertilizers, iron and steel, transport equipments, electric machinery (except electronics) and manufactures of metals. Going forward, the two economies must extend cooperation in the sectors of finance, education, tourism, R & D, pharmaceuticals, etc.," he said.
Hongyu Zhou, Vice Director, Standing Committee of Hubei Provincial People's Congress said that the rapidly growing Chinese and Indian economies are the growth engines of the world.
"China is India's largest trading partner while India enjoys a position of prominence in China's international trade. We call upon Indian entrepreneurs to invest in the Hubei province of China," Zhou said.
"The strategic location of the province is a gateway to the consumption markets of the European Union. Also, the province boasts of state of art infrastructure and logistics facility. We are home to skilled and educated work force. Prominent innovative centres and educational institutes are based in Hubei province," he added.
Zhou said, "The World Trade Centre Mumbai and All India Association of Industries have set an example in bringing together the government, industry and educational institutes bring about sustainable growth and economic development of the nation."
"The Standing Committee of People's Congress of Hubei Province further intends to foster economic development of our region on similar lines by taking lessons from WTC Mumbai and AIAI," he added.
--IBNS (Posted on 04-12-2013)