India on Wednesday asked Chinese companies to treat Indian businesses in China fairly, keeping in mind their own ‘self-interest,’ if they expect greater success for Chinese companies in India.
At an India-China business networking event in southern Shenzhen, ambassador S Jaishankar said that the picture for Indian companies struggling against business barriers in China is ‘far less positive’ compared to that of Chinese companies in India.
“In the long run, economic relationships are built on win-win situations,’’ said Jaishankar. “Chinese companies would find much greater acceptance in India if there was a broad feeling in our country that our businesses too are being treated fairly in China.”
Jaishankar said India still has few business success stories in China, but cannot afford to neglect the world’s second-largest economy. “Our IT industry has made little progress in penetrating the Chinese domestic market.
Despite assurances, China’s import of pharmaceuticals from India remains miniscule,’’ he said. “Indian companies struggle every day to overcome barriers posed by regulations, policy and market practices.”
India has been raising the issue of trade and business barriers at 17 planned business events in Chinese cities this year. Bilateral trade expected to hit 60 billion dollars this year, is unbalanced in China’s favour. China is India’s largest trade partner exporting hi-tech goods to India, while India is China’s 14th largest trade partner exporting mainly commodities and raw materials like iron ore to Chinese markets.
So far this year, India’s run up a deficit of 11 billion dollars in the 40 billion dollar bilateral trade.
Chinese officials insist that China’s trade surpluses with its partners are not intended and have made assurances to give Indian value-added goods access in China. “We are waiting to see that happen,’’ said Jaishankar.
India recently eased a one per cent visa cap that limited foreign nationals on the workforce of infrastructure projects. “We want Chinese companies in India to succeed,’’ said Jaishankar.