China keen to develop business ties

West Bengal might find more Chinese business delegation come into the state for possible joint activities in trade and commerce, hinted Tian Wei, first secretary, economic and commercial counsellor's office, embassy of the People's Republic of China in India.

Speaking at a meeting on 'Indo Sino Trade-Emerging Opportunities' organised by the Bengal National Chamber of Commerce and Industry (BNCCI) Wei pointed that Kolkata owing to its geographical location and infrastructure facilities has the potential to become the hub for bilateral trade activities between the two countries.

Wei further pointed that 'cooperation in place of competition' can not only save resource and energy, but can significantly facilitate in making India and China the world's leader.

"The embassy will provide all its assistance in encouraging more public interaction between these regions," said Wei.

Speaking on the possibility of direct air connectivity between Kolkata and China, Wei assured that once the market in matured enough private players will be taking decisions ahead of the government.

Contrary to the general economic theory that says reduction in income inequality is a sign of development, Wei explained how a different strategy in the recent past have triggered of economic growth.

"The increase in inequality in China in the recent past have paved the way for the richer section of the community to increase investment and explore new product innovation opportunities. This enhanced expenditure in research and development (R&D) and its significant linkage effect have been a major reason for fast economic growth," said Wei.

India needs to invest much more on infrastructure at least for the next five years as China has done in the past, noted Wei.

He further pointed that India might follow China's path in absorbing and encouraging foreign investment to cater to the economic growth.

"China's growth has been significantly effected by the huge foreign investment that has come into the country and India should also open up drastically for better result," he noted.

This will provide China to come into India in a much larger way and India can be a major supplier to the huge raw material requirement of China, he assured.

It was noted that during January-December 2004 India's export to China has registered a robust growth of 80.5 per cent to reach $ 7.86 billion whereas India's import form China has grown by 77.2 per cent to reach $ 5.93 billion.