China products fair in Mumbai promises to bring India, China closer

6th China Products (Mumbai India) Exhibition

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Staff Reporter | 26 Nov, 2008
The 6th China Products (Mumbai India) Exhibition to be held at Mumbai in December promises to bring both the nations closer at a time when Western countries are experiencing a slowdown in their economies.

The exhibition will be held from December 10 to 12 at the Grand Hyatt Grounds, Hotel Grand Hyatt in Mumbai. An extensive range of products varying from industrial to consumer goods would be displayed by more than 100 exhibitors from various provinces of China.

The exhibition will serve as a platform for the Indian Industry to explore long-term business associations with the Chinese companies in the form of tie ups, joint ventures, collaborations and import - export trading relations.

The 3-day event, which saw 40,000 visitors from across the country last year shall facilitate striking of deals, joint ventures and signing of major contracts between Indian and Chinese businessmen.

Last year's exhibition resulted in business deals worth about Rs 70 crore, a figure which is likely to go up to Rs 100 crore this year.

This trade exhibition is organised by the China Council for the Promotion of International Trade along with Worldex India Exhibition & Promotion Pvt Ltd.

Meanwhile, with Western countries in the throes of a recession the two Asian giants - India and China, both of whom have a huge domestic economy - are coming closer than ever before and are likely to become the most important trading partners for each other before 2015.

China's trade with India is growing at a faster rate than China's trade with any other major trading partner. More than $5 billion worth of contracts are signed by Chinese companies for implementation of infrastructure projects in India, in the first three quarters of 2007. This was also the highest value for contracts signed by China with any other country in this time period.

For India, China is a bigger trade partner than Japan, the US, or the entire world and for China, India is already is one of its top trading partners only after Japan and USA. Of course, China's trade with India is growing much faster than with any of the other country making India an increasingly important trading partner for China.

To tap this growing business opportunities between the two nations, after five successful similar exhibitions, the forthcoming 6th China Products (Mumbai India) Exhibition 2008 is being organized again in Mumbai.

Meanwhile, Sino-Indian bilateral trade continues to grow by leaps and bounds, with the trade value in the first half of calendar year 2008 hitting the $ 29 billion mark, recording a 69 percent jump over the corresponding period last year.

India and China are on course to raise bilateral trade to $ 60 billion by 2010, which was the target set by the Prime Ministers of both the countries in 2005.

Bilateral trade in calendar year 2007 stood at $ 38.65 billion, registering an increase of 56 percent over the previous year.

Even if the growth rate in India-China trade slows down to 25% annually from the current rate of over 50% , bilateral trade between them will be almost $ 75 billion in 2010 and $ 225 billion in 2015, ie, as large as China-US trade just three years ago.