SHANGHAI, May 31 – Indian President Pratibha Patil concluded her visit to China today by calling for India and China to work together towards a long-term economic partnership.
Speaking at the India-China Business Forum in Shanghai, what she called an “appropriate conclusion” to her six-day visit, the president said that “India stands ready to do more business.”
The speech followed a Sunday meeting with Yu Zhengsheng, the ruling Communist Party’s chief for Shanghai, in which Patil called for greater market access for Indian goods in the Chinese market.
“For a long-term partnership, it is important that we develop models of cooperation that take into account the concerns of both parties. I am sure that this will happen even as our economic relationship unfolds,” she said.
India-China bilateral trade has increased from a paltry US$3 billion in 2000 to US$52 billion in 2008. China is now India’s largest trading partner.
“Although the global economic slowdown had some impact on our trade in 2009, I believe that the first quarter figures for 2010 are more encouraging. There is good reason to believe that we will achieve the target we have set ourselves of a US$60 billion turnover in two-way trade this year,” Patil said.
The president said that India was focusing on four main areas for market development: information technology, pharmaceuticals, engineering and agro products. Dedicated events to raise awareness of these areas are being planned for later this year she said.
“We welcome investment by Chinese companies in India,” the president said, encouraging Chinese businesses to invest in India’s growing economy. “For a long-term partnership, it is important that we develop models of cooperation that take into account the concerns of both parties.”
India is currently China’s 10th largest trading partner. The president encouraged the forum to work to improve that standing.
“I am confident that there is political will and determination on both sides to rapidly broaden the vistas of cooperation,” Patil said, adding that there was much that both countries could do if they worked together.
