Bilateral trade between India and China is expected to soon reach $20 billion, ahead of the 2008 target, said a top Chinese diplomat on Monday.
"The target of achieving $20 billion trade volume in 2008 and $30 billion by 2010, set by the leaders of the two countries, will soon be achieved ahead of time," said Zheng Qingdian, minister-counsellor at the Chinese embassy.
He was addressing an interactive meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) to facilitate a one-to-one meeting with a Beijing trade delegation.
Zheng highlighted the rapid growth in bilateral trade and investment between the two Asian giants.
"Our bilateral trade is growing at a high speed. In 1999, the bilateral trade volume was less than $2 billion. This rose to $18 billion in 2005. China has become India's third largest trading partner, while India has become China's largest trading partner in South Asia," he said.
Over 150 Indian companies led by Ranbaxy, Tata Consultancy Services and Infosys have established branches and completed almost 1,000 projects in China, according to a presentation by the Chinese delegation.
Director of the Beijing Chaoyang Investment Promotion Bureau Hong Jiyuan is heading the delegation, which is here on a two-day visit.
Lauding India's growth in IT, Hong invited Indian companies to consider investing in the Chaoyang district, an industrial hub in eastern Beijing.
Strategically located with a growing consumer market, Chaoyang district boasts of many big multinational corporations. Being promoted as one of the main Olympics 2008 venues, it is near the Beijing international airport.