Trade between India and China is likely to achieve the $100-billion mark by 2013, two years ahead of the target set in 2009 by governments of the two countries.
China has become India's largest country trading partner, while the latter is attaining the position of the former's 10th largest trade partner.
Trade volumes reached $61.7 billion in 2010. India's exports to China jumped 68.8 per cent to $19.6 bn last financial year from 11.6 bn in 2009-10.
Overall imports also increased 41 per cent to $43.5 bn from $30.8 bn in the same period.
Pico Event Management is organising, six concurrent China Sourcing Fairs in Mumbai during November 23-25. Tommy Wong, spokesperson of China Sourcing Fairs, said, "Indian buyers are keen to source quality products from China. To meet this growing demand, the Fairs cover a wide selection of products, which include electronics and components, hardware and building materials, security products, home products, gifts and premiums as well as bathroom products."
"More and more Chinese companies are interested in setting up shop in India, either directly or indirectly through alliances," said Suresh Deora, president, India China Chamber of Commerce &
According to Mehul Choksi, chairman of Gitanjali Gems, "We are looking at acquisition of jewellery manufacturing units or retail chains in China which can add value to us and help achieve our growth target to a Rs 50,000-crore (Rs 500-billion) group in five years from Rs 10,000 crore (Rs 100 billion) now."
The Associated Chambers of Commerce and Industry of India says the two can emerge as the world's largest trading partners by 2030.
Buyers in India are looking for well-made, cost-effective consumer products. For Indian exporters, China is also an attractive market for iron ore, cotton, yarn and cotton products, besides chemicals, small machinery and pharma products.
Potential for growth exists in capital goods, machinery, infrastructure, information technology, organic chemicals, iron and steel, power, telecommunications, wind energy, food and marine products.
The massive infrastructure modernisation underway in India is opening new markets for Chinese companies, especially in the telecom, machinery and power equipment sectors.
