Indian envoy, Vikram Misri on Thursday said that the 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.
“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.”
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 per cent 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.