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15 Indian and Chinese companies sign MoUs worth USD 338 million; SMEs also amongst them

New Delhi, Sept 23 (KNN)  Companies from India and China, including small and medium enterprises (SMEs) today signed 15 MoUs in different sectors involving purchase of industrial products worth USD 338 million by Chinese firms from their Indian counterparts.

“India China Business Matchmaking Symposium”, organized jointly by Confederation of Indian Industry and Trade Development Bureau of China, welcomed the initiative of Chinese government to send a buyers’ delegation to India to encourage imports from India,” said Chairman, CII National Committee on MSME and Chairman, Deep Kapuria.
The visit of 50 member buyers’ delegation from China is a step taken subsequent to the understanding reached between the leadership of India and China during the visit of Chinese Premier, Li Keqiang to India in May 2013 to reduce India’s trade deficit with China which has surpassed USD 40 billion in 2012-13, he added.
The MoUs signed include USD 13,00,00,000 between CITIC International Co Ltd and MRI Trading Pvt Ltd; USD 1,60,00,000 between China National Aero-Technology Import & Export Xiamen Corporation and J R GRANITES (P) Limited; USD 1,80,00,000  between Chinatex Cotton Import and Export Corp and GILL & Co pvt Ltd

The symposium was jointly organized by the Confederation of Indian Industry (CII) and Trade Development Bureau of China.  The Inaugural session was followed by B2B meetings between Chinese buyers and Indian enterprises.

The Chinese business delegation was led by Vice Director General of Trade Development Bureau (TDB) China, Jia Guoyong and had members from varied sectors like chemicals, plastics, steel, mines and minerals, light industrial products, glassware, arts and crafts, cotton and textiles etc.
Guoyong reiterated that this initiative to encourage imports from India is going to be a long term policy and this would be backed by measures like reduction in tariff etc.
Over 80 representatives of 60 Indian companies participated in the business matchmaking Symposium.
Joint Secretary, Ministry of Commerce, Asit Tripathy while addressing the Inaugural session of the Symposium said that India's trade deficit is a matter of concern and should be addressed appropriately to sustain the growth of bilateral trade on a long term basis.

He said that Indian products like engineering goods, petroleum downstream products, agri-products, pharmaceuticals and Services like IT etc. are internationally competitive and should be provided access in the Chinese domestic market.

China ranks 31 among countries contributing FDI to India.  FDI inflows from China into India currently stand at USD 0.575 billion while that from India to China reached USD 0.898 billion.