Beijing, Jan 14: Prime Minister Manmohan Singh today said India and China will work together to create a level playing field for greater trade, investment and economic interaction between the two asian giants.
Dr Singh assured a gathering of businessmen from the two countries here that respective governments will address issues as non-tariff barriers, IPR protection and market-related exchange rates. He called upon Indian entrepreneurs to explore opportunities in new areas such as biotechnology, advanced materials, renewable energy and low carbon technologies while promoting investment in traditional sectors like petrochemicals, steel, healthcare, IT and automobiles. The Prime Minister suggested a three-pronged strategy to achieve the objective--
Developing a strategic plan and a road map for its implementation, Developing profitable business models based on complimentarity as well as competitive strengths, and To acquire insights into each other's markets, business customs and management styles.
''Our two countries will need to work together to ensure that we contribute to, even as we benefit from, the economic resurgence and integration of Asia. Our two economies are becoming engines of economic growth and must use out natural and human resources, technology and capital for the common benefit of the region,'' the Prime Minister told the India-China Economic Trade and Investment Summit.
''Our bilateral trade with China has doubled in the last two years. Our trade target of 20 billion US dollars by 2008 was reached two years ahead of schedule. The revised target of 40 billion US dollars by 2010 is likely to be achieved two years ahead of schedule,'' Dr Singh observed.
He also urged Indian industry to vigorously pursue opportunities for expanding non-traditional items of export, which would help to bridge the rising trade deficit.
Describing the Summit as a ''symbol of growth stories of India and China'', Dr Singh said, ''as the 21st century unfolds the world's two most populous nations stand poised to regain their weight in the global economy.'' ''The Indian economy has witnessed growth rates of close to 9 per cent per year in the last three years. Our macro-economic fundamentals are strong. Although India is more integrated with the global economy than ever before, the growth has been largely fuelled by an expanding domestic growth. This gives us confidence that we will be able to step up our annual growth rate to 10 per cent within the next five years,'' the Prime Minister said.
He assured that the two countries would work together to remove administrative barriers and simplify regulatory regimes in order to move forward in these areas.
He said the competition between two of the most fastest growing economies in the global arena ''is not inconsistent with co-operation nor is it adversarial''.
''Economic cooperation between us has become a principal driver of our strategic and cooperative partnership for peace and prosperity. Several bilateral understandings and agreements are already in place to address different sectoral aspects which impact on our economic cooperation. India and China working together should develop a habit of mutually advantageous cooperation,'' the Prime Minister said.
Dr Singh said he would discuss with the Chinese leadership the feasibility of a India-China Regional Trading Arrangement in the light of a report by the Joint Task Force set up for the purpose.