Sino-Indian bilateral trade is expected to exceed $20 billion this year and the figure may even touch $100 billion in six years, senior trade officials from both side said in a bullish forecast in Beijing on Monday.
The figure may even reach $100 billion in six years, chairman of the China Council for the Promotion of International Trade Wan Jifei said.
"Last year, bilateral two-way trade rose to $18.7 billion, up 37.5 per cent over 2004. If this trend continues, according to our estimate, in 2006, the two-way trade, will surpass that in 2005 to $20 billion US dollars," Wan said in his opening address at the FICCI-CCPIT CEOs Business Summit.
"We have also taken note that in the past years, our two economies have maintained stable and fast growth. This has provided a strong support to the continued growth of bilateral economic cooperation. When the two fastest growing economies in the world unite, they will provide broad vistas for economic growth in the world," he said.
President of the Federation of Indian Chambers of Commerce and Industry Saroj Kumar Poddar said he remained bullish about the prospects of bilateral trade.
Poddar, also chairman of Gillette India Limited and Poddar Heritage Enterprises told the meeting that Indian investment in China may exceed $1 billion in the coming five years.
Poddar, leading a CEOs delegation to China amid the 'India-China Friendship Year 2006' said that the 21st century is destined to be that of Asia.
"India-China collaboration will be at the heart of this rise of Asia," he said while noting that the synergy between the two nations comprising of one-third of humanity will provide a new direction to the world at large.
He told the Chinese business executives that according to a Goldman Sacs study, India will overtake France, Germany and United Kingdom by 2025 and Japan by 2035 to become the third largest economy in the world after that of the United States and China.
Poddar said the ongoing visit of the FICCI CEO's delegation was five-fold.
FICCI, he said would push to raise bilateral trade to $50 billion in three years and $100 billion in six years.
Secondly, the visit aims to encourage and motivate investment in each other's economy to $1 billion annually within five years.
FICCI would also work to promote Sino-India cooperation to invest in third countries like the joint investment in developing energy resources in Syria.
The leading Indian trade body is also keen to promote people-to-people contact through enhanced tourism and cultural links between India and China, Poddar said, adding the two countries must also increase their intellectual interface.
Indian Ambassador to China, Nalin Surie, who briefed the meeting about the steps taken by the Indian government to promote bilateral trade and economic cooperation, expressed concern over the current composition of the bilateral trade basket.
