China on Monday said that its bilateral trade with India would touch $20 billion in the current year.
"Last year, we had drawn a five-year-plan for economic and trade cooperation. We had set a target of achieving bilateral trade volume of $20 billion by 2008," Chinese Ambassador Sun Yuxi told a trade cooperation conference organised by the Federation of Indian Chamber of Commerce and Industry (FICCI).
However, given the present situation, this year itself the trade is expected to touch $20 billion - two years ahead of the target.
At this pace, bilateral trade between the two countries will be around $30 billion by the end of 2008, he said.
By the end of 2010, this is expected to touch $50 billion against the earlier target of $30 billion, he added.
As compared to Indian presence in China, Chinese representation is comparatively low.
According to our statistics, only 15 Chinese companies have their presence in the country, he said.
Committed to providing all sorts of support to Chinese companies, Ministry of Commerce and Industry joint secretary Dinesh Sharma said there was greater scope of cooperation between the two countries and it was the right time to do business in the country.
There is quite a lot to make the trade more diversified, he said.