Launching the largest-ever Indian industrial exposition in Beijing on Thursday, Union Commerce and Industry Minister Arun Jaitely said that a dynamic India, enjoying political stability and economic growth, is ready to join hands with China to accelerate trade ties to achieve the targeted $10 billion in bilateral trade by the end of 2004.
Noting that India-China economic relations have witnessed qualitative transformation in recent years, Jaitely said during the first eight months of this year, bilateral trade has already crossed the $4 billion mark.
"At the current rate, the bilateral trade target of $10 billion that our two prime ministers have set for us is within reach," Jaitely said, while inaugurating the Made in India show, jointly organised by the Confederation of Indian Industry and the Indian embassy, in Beijing.
Jaitely stressed that the reform process initiated by India has not been affected by change of governments in the country.
"Changes in governments has not changed the direction of the reform process," he said, while stressing that the Indian economy has registered impressive expansion and growth in the last two decades.
"Over the last 12 years, the Indian economy has maintained an average annual growth of over six per cent. We have targeted an eight per cent growth over the next five years, and we aim to double the gross domestic product within the next decade," he told the captains of Indian and Chinese industries here at a well-attended opening ceremony.
"India is a country on the move. We have an inherently strong economy, a growing and accessible domestic market and a rich pool of human resources," Jaitley said, while stressing that India's vision for 2020 is not too different from that of China's.
The minister lauded China's sustained high economic growth for more than two decades, which he described as a phenomenon that has attracted the interests of analysts globally.
Stressing that India and China are two of the most dynamic and rapidly expanding economies in the world, he said that trade shows such as the Made in India exposition would go a long way in creating awareness and understanding about each other's economic, industrial and commercial capabilities.
"Through the Made in India show, the Indian private sector brings to China the Made in India brand, that has already achieved international recognition," he said.
Jaitely said India looks to China as a business partner, not as a competitor and especially noted that the visit of Prime Minister Atal Bihari Vajpayee to China in June has imparted a new thrust and direction to bilateral economic ties.
"We must both adopt a forward-looking approach in building our economic relationship that is mutually beneficial and rewarding," he added.
The minister also stressed that India and China need to explore their synergies further in the trade and economic sector since "we have barely scratched the surface."
Lauding the CII for hosting the show here, he hoped that the business communities in both countries would utilise the opportunity to forge more closer cooperation and come up with concrete projects that could contribute to expanding the India-China economic relationship.
The Made in India industrial exposition that will last till October 19 has attracted over 100 top Indian companies and a number of seminars and related conferences are being held over the next couple of days.
Welcoming India's endeavour to showcase its strengths in China, the Assistant Vice Minister of Commerce Chen Jian said the Chinese government would do its best to further deepen the growing Sino-Indian trade and economic cooperation.
The chairman of the China Council for Promotion of International Trade, Wan Jifei hoped that the Indian and Chinese governments could hasten the setting up of a joint study group of economists and officials of both countries that would suggest ways and means to boost bilateral trade in the new century.
CII president-elect Sunil Munjal said the premier Indian trade body, which opened its east Asia office in Shanghai this June, was confident of India-China bilateral trade achieving the targeted figure of $10 billion by the end of 2004.