Sino-India bilateral trade target for 2010 to be achieved early

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Kolkata, June 6 (UNI) The Indo-China bilateral trade target of 60 billion US dollars for 2010 would be achieved much ahead of the stipulated time, Consul General of China in Kolkata Mao Siwei said today.

Interacting with the members of Indian Chamber of Commerce (ICC) here, Mr Siwei said according to the latest statistics, in the first four months of this year the amount of bilateral trade reached to 18.8 billion USD, an increase of 65 per cent compared with the same period last year.

''On this basis, we can easily predict that the figure of the whole year might be over 56 billion USD which will be quite close to the target of 60 billion USD,'' the Chinese Consul General observed.

He also reminded that during the four months India's export to China increased by 87 per cent and India's deficit was going down substantially.

Mr Siwei said along with the rapid trade growth the two economies were also gradually integrated as many Indian companies in IT services sector were investing in China and pharmaceutical companies, though engaged in R&D in India, were producing the drugs in their factories in China.

He also informed that many Chinese companies have obtained contracts of infrstructure projects in India valued at 12 billion USD.

'' All these statistics establish that 'Chindia,' a portmanteau term for China and India considered together, suggests that the two countries are becoming a powerful economic force whose global influence may change the pattern of the world's trade soon,'' Mr Siwei maintained.

UNI ADG KK/src1808

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