China has become India's second largest trading partner, next only to the US, and trade between the two countries is likely to touch $70 billion in 2010, according to Chinese official sources.
Statistics released by the Chinese commerce ministry reveal that bilateral trade between India and China in the first five months of 2007 touched $14.2 billion, an increase of 53.70 per cent over the same period last year, making it the fastest growth rate among all of China's top 10 trading partners.
It is therefore not surprising that the fifth China Products Exhibition, opening here Thursday, has generated great interest among the Indian and Chinese businessmen.
Over 150 Chinese companies are taking part in the three-day event, according to Rajesh Bhagat, managing director, Worldex India Exposition and Promotion Pvt Ltd (WIEP), co-organisers of the event.
"We hope deals worth one billion rupees will be struck at the expo, up by 30 percent compared with last year," Bhagat told IANS.
The expo will showcase products ranging from building and construction to home appliances, and food and beverages to toys.
It is been organised jointly by China Council for the Promotion of International Trade and the WIEP.
Bhagat said India can gain a lot from access to China's huge manufacturing sector by way of competitive-priced products, while China can benefit from the strength of India's service sector.
Till September 2007, the trade between the two countries has crossed $20 billion, the original target for the entire year, he pointed out.
Interestingly, bilateral trade between the two Asian giants was only $2 billion in 2000.
The sky-rocketing growth in trade creates massive opportunities for businessmen and investors on both sides, Bhagat said.