Consul General discusses rupee-yuan trade settlement, buyer-seller meet and Entrepreneur Summit in Mumbai

“The Consulate-General of the People’s Republic of China in Mumbai is very much keen to promote a balanced trade with India. I invite Indian exporters to participate at the China International Import Expo, which is scheduled on April 18th in Mumbai. Every year, China imports USD 2 trillion worth of goods; But India hardly exports USD 30 billion to China, which reflects huge untapped export potential for India. Indian companies should look at Chinese market seriously by creating awareness about their local brands in the Chinese market. I invite Indian entrepreneurs to visit China and identify potential buyers for their products. Our Consular Office assures all possible support, including visa processing for Indian entrepreneurs to visit China, to promote Indian products in the Chinese market,” said Mr. Kong Xianhua, Consul General, Consulate-General of the People’s Republic of China in Mumbai at Interactive meeting at WTC Mumbai.

Assuring to facilitate bilateral trade and investment, the Consul General remarked, “Many Chinese entrepreneurs are interested to visit India to explore new trade and investment opportunities. I intend to facilitate bilateral exchange of trade and business delegation to promote two-way trade and investment. I also propose to organize an India-China Entrepreneur Summit in Mumbai to strengthen two-way investment. Our Consulate Office will facilitate visas for Indian entrepreneurs to visit China to explore new business tie-ups in solar energy, electric vehicle and other new age sectors.”

Pointing out to the scope for collaboration between both the countries, Mr. Xianhua remarked, “India and China have 3 billion people or 36% of the world population. India aims to become a developed country by 2047 and China aims to become a developed country by 2049. China is a major trade partner of India as it supplies intermediate goods such as machineries and spare parts which help Indian companies to value add and re-export. Both countries have huge potential to collaborate and China can help India to realize its Make in India policy.”

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai pointed out, “Economic cooperation plays an important role in strengthening bilateral ties between India and China. India’s trade with China grew from a meager USD 2 billion 15 years ago to more than USD 150 billion. But the major cause of concern is that the official trade deficit with China is USD 100 billion, and more specifically the unofficial deficit runs to more than USD 150 billion as a lot of Chinese goods is routed to India through Hong Kong, Dubai, Nepal, Sri Lanka, and other Asian countries. In order to promote bilateral trade and reduce this deficit, both the countries need to explore actionable steps to facilitate Indian exports to China,”

Speaking about the role of WTC Mumbai in promoting balanced bilateral trade, Dr. Kalantri said, “WTC Mumbai can work with Chinese Consulate General in Mumbai to bring a delegation of Chinese buyers and organize a buyer-seller meet to promote Indian exports to Chinese market. WTC Mumbai can also recommend visas for genuine Chinese investors looking for investment opportunities in India. WTC Mumbai will also work closely with the Chinese Consulate in Mumbai to process Chinese visas for Indian businessmen. WTC Mumbai can collaborate with China Council for the Promotion of International Trade (CCPIT) of China to promote bilateral trade and investment. We can also collaborate with the two largest Chinese banks, viz. ICBC and Bank of China to promote their investment in Indian projects. WTC Mumbai also suggests both the governments to explore trade settlement mechanism in local currency to promote bilateral trade.”

Mr. Ajoykant Ruia, Vice Chairman, WTC Mumbai, Capt. Somesh Batra, Vice Chairman, WTC Mumbai and Ms. Rupa Naik, Executive Director, WTC Mumbai also shared their views to promote bilateral trade, tourism, cultural exchange and other areas of cooperation.

The forthcoming SCO Summit will be a great opportunity for leaders of India and China to lay roadmap for economic relationship, Capt. Somesh Batra remarked.

China can facilitate Indian pilgrims to visit the religious place of Manasarovar and other adjoining places, the delegates suggested.

Specifically, the delegates discussed the scope for organizing food and film festivals to strengthen cultural cooperation between both the countries.

Ms. Rupa Naik suggested holding the next China International Import Expo at WTC Mumbai to promote exports from India.