India potential market for China: Chinese embassy

New Delhi: India is a big potential market for Beijing and that his government will encourage companies to invest in the vast market here, an official of Chinese Embassy in New Delhi said on Monday.

Second Secretary of Chinese Embassy in India, Li Rong Rong, also said that both the neighbours were eager to bolster bilateral ties.

China became India's biggest trading partner in 2013 and fuelled growth, mentioned Rong.

The high-profile talks between the two premiers also helped to beef up trade between the two nations, Rong said.

Speaking at the Cangzhou and India Economic and Trade Cooperation Promotion Conference, Rong further said, Cangzhou's effort to expand trade with India would mutually benefit both the nations.

Speaking on ways to further the bilateral trade relation, Shang Liguang, Cangzhou Party Secretary and Cangzhou Municipal Party Committee said that the emphasis would be on open policy, advocating ventures to invest abroad and attract business into China aided by funds, technologies, patents and management.

The main areas of concentration between the two countries would be petrochemical and pipe equipment. Cangzhou's steel pipes hold 60 per cent of the market in China and are exported to as many as 90 countries.

In the case of petrochemical, Cangzhou has 1,100 companies of petrochemical, oil and gas exploration, chemical materials, pharmacy, chemical fiber, rubber and plastic.

In 2014, the imports and exports between India and China amounted to USD 130 million in relation to petrochemical, pipe equipment, machinery parts, etc.

Recently, Chinese officials also visited West Bengal to expand trade the state.

(Picture Credit: www.thewhy.com)

(With inputs from agencies)