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Help our industry, like we help yours: India tells China
After creating a 'level-playing field' for Chinese telecom companies doing business in India, New Delhi has asked Beijing to reciprocate by creating opportunities for its IT and pharma industry.
"Our bilateral trade is expected to cross $60 billion in 2010, making China once again India's largest trade partner. India, however, is only China's 14th largest trade partner," Indian Ambassador to China S Jaishankar said while addressing an India-China business seminar in Shenzhen.
The seminar was attended by businessmen and trade officials of both the countries.
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Help our industry, like we help yours: India tells China
"That imbalance, along with large recurring trade deficits, speaks of a larger market access issue that India faces in China. . . .The Chinese government assures us that it is not their intention to create large trade surpluses and that they would be importing more goods from India, particularly in the value added category," he said.
But India says it wants greater activity and initiatives in the market place.
Chinese were expected to do well in developing India's infrastructure, Jaishankar said.
Already, in power generation and telecom, Chinese companies have made their mark. This could happen in the construction field as well.
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Help our industry, like we help yours: India tells China
China also exports consumer goods and components in a big way, he said.
"There were apprehensions voiced publicly in China recently that India will not provide them a level playing field. I hope that such fears have now been effectively disabused.
Let me say this loudly: we want Chinese companies in India to succeed," he said.
"The picture for Indian companies is far less positive. Our IT industry has made little progress in penetrating the Chinese domestic market. Despite assurances, China's import of pharmaceuticals from India remains minuscule", Jaishankar said.
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Help our industry, like we help yours: India tells China
"India has identified IT, Pharmaceuticals, Agro products and Industrial goods as four areas which have potential in China and launched publicity campaigns since March this year but with little results.
"The Indian companies struggle every day to overcome barriers posed by regulations, policy and market practices in China. We still don't have enough examples of success," Jaishankar said.
However, the Indian companies have no choice but to trade as they cannot neglect China which has emerged as the second largest economy of the world, overtaking Japan recently. "In the long run, economic relationships are built on win-win situations," he noted.