India's agriculture products, pharmaceuticals, handicrafts have advantages over products from other countries but due to lack of necessary understanding and cognition of the Chinese market, their way into China is not smooth, said ZHU Xiaohong, Counselor, Embassy of People’s Republic of China, said.
She said that the India should focus more on the '4Cs' - compatibility, competitiveness, creativity and cooperation.
"Indian companies should make good use of its advantages in the service industry to create manufacturing plus service innovative products," she said at the India-China Business Meeting and Signing Ceremony organised by industry body Federation of Indian Chambers of Commerce & Industry
ZHU said that India is China's largest trading partner in South Asia and Indian companies are expanding in the Chinese market with a cumulative investment of nearly $1billion.
"With a combined market of over 2.7 billion people and GDP of 20 percent of the world’s total, China and India enjoy huge potential and broad prospects for economic and trade cooperation," she said.
Highlighting the trade imbalance between the two countries, ZHU said that China has taken series of steps to reduce the trade imbalance and made positive progress in promoting the import of agricultural products from India.
Ahead of Chinese President Xi Jinping's India visit on October 11-12, India and China 129 memorandum of understandings (MoUs) in sectors like agri-related products, minerals, and textiles.
Speaking at the same event, LIU Changyu, Deputy Director General, Foreign Trade Department of Ministry of Commerce said that Chinese companies have responded positively to Make in India and Digital India and their investment in India has exceeded $ 8 billion.
"In the next 15 years, China will import $ 30 trillion of goods and $ 100 billion of services from the world. As the only two major developing countries with a population of more than 1 billion in the world, China and India are focusing on development," he said.
LIU said that the Ministry of Commerce of China is willing to further strengthen cooperation with relevant departments of India to jointly create a better future for economic and trade development.
Source: moneycontrol.com