India-China trade to reach $60 bn soon

Bilateral trade between Indian and China is set to achieve the $60 billion target fixed by the two sides by the end of this year, China's Ambassador to India Zhang Yan said on Wednesday.

"I am optimistic that we will be able to reach the set target of $60 billion this year," Zhang said in New Delhi at a conference organised by Invest Hong Kong and the Department of Foreign Trade and Economic Cooperation of China's Guangdong Province.

Bilateral trade between the two Asian giants had already reached $45 billion in the first nine months of 2010, a 50 per cent increase compared to the same period last year.

Hong Kong Special Administrative Region chief executive Donald Tsang was also present at the conference, where Indian companies were invited to invest in China.

For improving connectivity, Hong Kong is exploring the option of increasing the number of flights to different Indian cities, he said.

Donald said about 1,500 Indian companies have already established a foothold in Hong Kong, including IT major Tata Consultancy Services and Bank of India.