Nine firms sign MoU at Sino-Indian meet

In an effort to boost economic relationship between India-China, nine companies / entities from across each side of the border signed separate agreements to explore mutual benefits.

The agreements were signed at the 'Mutual Benefits "" Joint Development' meet held by the Suzhou Municipal People's Government (China) on Friday here.

Indian entities that signed the MoU included Zaza Technologies, Bangalore Chamber of Industry and Commerce, Standard Chartered, Capgemini Group, Sunpa Sobha Software, Patni Computer, Logistic Solutions, Hero Mindmine and Excelerate Technology.

According to Zhou Weiquiang, vice-mayor, Suzhou Municipal People's Government, "China and India have comprehensively accelerated the pace of cooperation in the services outsourcing field. The partnership forged also highlights the need for cooperation between the two giants to jointly surge ahead."

Built around the Yangtze river delta, Zhou Weiquiang said Suzhou has developed into one of the most important IT hubs of China and the planners have consciously developed it as an "offshore outsourcing" centre.

The city is also keen on investments in the IT sector from Indian companies. According to the Chinese representatives, the IT Industry in Suzhou is growing at an annual rate of over 40 per cent. "The IT industry turnover in Suzhou was $69 billion in 2007. Many Fortune 500 companies have invested in 375 local firms. Suzhou offers business opportunities in service outsourcing," said Furong Tian, Head, India China Economic and Cultural Council (ICEC)-China Office, said.

Suzhou, with 18 universities and many software vocational training institutes, creates 20,000 jobs to new graduates every year.

"The availability of infrastructure for service outsourcing like Suzhou Software Park, The International Science Park, Suzhou Science & Technology Town, Intellectual Property Protection Centre and IC Design Centre makes it a very attractive business destination," he added.

Mohamed Saqib, Secretary General, ICEC Council, said: "Suzhou has been attracting investments and the economic output of the city reflects its growing popularity. The 2007 GDP of the city touched $80 billion, which was a 16 per cent increase over the previous year. The per-capita GDP is over $12,000, five times more than the Chinese national average."

"ICEC sees the opportunities Suzhou has to offer and establishing co-operation between Bangalore and Suzhou will be mutually beneficial and lead to a lot of joint development," he added.