According to Kong Xianhua, Consul General of the People’s Republic of China, India hardly sends $30 billion worth of commodities to China while the latter purchases $2 trillion worth of items from all over the world.
At an interactive event hosted by the MVIRDC World Trade Center Mumbai, the Consul General said, “We are keen to promote a balanced trade with India.”
Indian businesses should seriously consider entering the Chinese market by promoting their regional brands there. In order to explore the enormous untapped export potential for India, Xianhua invited Indian businesspeople to go to China and find prospective customers for their goods.
Xianhua said, “I hope to encourage bilateral exchange of trade and business delegation to boost two-way trade and investment. Many Chinese businesses are enthusiastic in visiting India to explore new trade and investment prospects. In order to promote two-way investment, I also suggest holding an India-China Entrepreneur Summit in Mumbai.
Vijay Kalantri, Chairman, MVIRDC WTC Mumbai, said earlier in his opening comments that “economic cooperation plays an important role in strengthening bilateral ties between India and China.” Trade between India and China has increased from a paltry $2 billion 15 years ago to over $150 billion now. But the main cause for concern is that India is receiving a lot of Chinese goods via Hong Kong, Dubai, Nepal, Sri Lanka, and other Asian nations. The official trade deficit with China is $100 billion, and if we add in the unofficial imports, the total deficit rises to more than $150 billion. Both nations must look at practical ways to encourage Indian exports to China in order to increase bilateral trade and minimize this gap.
Speaking about WTC Mumbai’s function in fostering fair bilateral commerce, Kalantri stated, “WTC Mumbai may cooperate with the Chinese Consulate General in Mumbai to arrange a buyer-seller meet to promote Indian exports to the Chinese market and bring a delegation of Chinese buyers. For real Chinese investors searching for investment possibilities in India, WTC Mumbai may also suggest visas. The Chinese Consulate in Mumbai and WTC Mumbai will collaborate closely to handle Chinese visas for Indian businesspeople. To promote bilateral trade and investment, WTC Mumbai may work with the China Council for the Promotion of International Trade (CCPIT) of China. To encourage their investment in Indian projects, we may work with the two biggest Chinese banks, ICBC and Bank of China. In order to foster bilateral commerce, WTC Mumbai also advises both governments to investigate trade settlement procedures in local money.