Trade between India and China to cross $100 billion, says envoy Vikram Misri
Elaborating on trade ties, Misri said Chinese investment in India and Indian investment in China has also seen robust growth in recent years.Updated: Jun 06, 2019, 17:58 IST
Trade between India and China is set to cross the $100 billion mark in 2019 for the first time as the countries expand economic and commercial engagement amid a maturing of bilateral ties, Indian envoy, Vikram Misri said on Thursday.
Speaking at the inauguration of a new facility of a leading Indian spice extraction company in eastern China, Misri also pitched for promoting and selling agricultural commodities from India.
“In recent years, India and China have been able to build a very mature and stable relationship. The informal summit between Prime Minister Narendra Modi and President Xi Jinping in Wuhan last year was a milestone and has been instrumental in taking our relations to a new height,” Misri said.
The Indian ambassador added: “The economic and commercial engagement between India and China constitutes a major component of our bilateral relations. Last year, our bilateral trade crossed $95 billion and we expect it to cross the $100 billion mark in the near future.
“It is worth mentioning that last year, our leaders met four times on the sidelines of different multi-lateral meetings. Next week, they are again meeting in Bishkek (in Kyrgyztan) on the sidelines of SCO (Shanghai Cooperation Organisation) summit.”
Misri was speaking at the inauguration of the third facility of the Kochi-based Synthite Industries, a 46,000 sqm unit at Wucheng county in Dezhou in Shandong province in eastern China.
One of the largest producers of value-added spices and extracts, Synthite Industries was possibly the first Indian company to have set up a factory in the remote northwestern province of Xinjiang in 2012.
At present the company also has a blending facility in Beijing and set to open a customer experience centre in Shanghai.
The company mostly employs Chinese citizens at its facilities here.
Elaborating on trade ties, Misri said Chinese investment in India and Indian investment in China has also seen robust growth in recent years. “Chinese companies like Xiaomi, Haier, Oppo, etc., have become household names in India. I am also proud to inform that there are around 125 Indian companies operating in mainland China in various sectors like information technology, manufacturing, textiles, food processing, etc.”
The Indian envoy said more Chinese companies are showing interest in investing in India. “As per one estimate, Chinese investment in India is said to have touched $8 billion with 80 percent of it coming in last five years,” Misri said.
“We are also engaging with local governments to promote exports of Indian products, especially some of the best quality agriculture produce. Currently, India is in the best position to emerge as a stable source of agriculture commodities for China,” he said.
Synthite’s new facility in Dezhou is intended to cater to its growing demand for their various products across the food and beverage sectors globally.
The new facility in China has the capability to extract and process Indian chilly, black pepper, ginger, garlic, and marigold in addition to Chinese sweet paprika.