rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Anil Ambani for boosting Rupee-RMB-Dollar trade

Anil Ambani for boosting Rupee-RMB-Dollar trade

May 21, 2013 06:50 IST

Billionaire industrialist Anil Ambani on Monday said business leaders from India and China should enhance Rupee-RMB-Dollar trade for furthering co-operation between the two nations.

RMB is the abridged form of Chinese Renminbi, called the "the people's currency" and is the primary unit of Yuan.

Presiding over the first Indo-China CEOs Forum in New Delhi, Ambani made an "impassioned plea" to expand the Rupee-RMB-Dollar trade to reach the initial limit of $1 billion set by the Reserve Bank of India.

"The Rupee-RMB-Dollar trade limit was set in 2012 and even as we speak, no trade under this mechanism has taken place," he said.

Ambani urged participants to seize the opportunity and use business-to-business contacts to enhance trade co-operation between the two countries.

Seeking equity funding by Chinese companies in Indian firms, he said given China's experience in providing life cover to its people, there was a need to get more Chinese firms in India's insurance sector.

Ambani also suggested film shootings in each other's country to promote travel and tourism on both sides.

He said opportunities for learning the Chinese language in schools, colleges should be made use of and suggested Chinese universities market themselves in India just the way American, European and Australian universities do.

"This would force Indians to learn Chinese and go a long way in boosting people-to-people contacts," he added.

Captains of 20 large Indian and Chinese companies from sectors such as manufacturing, energy and resources, finance, high-tech and culture industry were present during the meeting.

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.