China said on Monday the bilateral trade between the communist nation and India would touch $20 billion in the current year.
"Last year, we had drawn a five-year-plan for economic and trade cooperation. We had set a target of achieving bilateral trade volume of $20 billion by 2008," Chinese Ambassador Sun Yuxi told a trade cooperation conference organised by the Federation of Indian Chambers of Commerce and Industry.
This year, the trade is expected to touch $20 billion -- two years ahead of target.
At this pace, bilateral trade between the two countries will be about $30 billion by the end of 2008, Yuxi said.
By the end of 2010, this is expected to touch $50 billion against the earlier target of $30 billion, he said.
As compared to Indian presence in China, Chinese representation is comparatively low.
According to statistics, only 15 Chinese companies have their presence in the country, he said.
Committed to providing all sorts of support to Chinese companies, Joint Secretary, Ministry of Commerce and Industry Dinesh Sharma said there is greater scope of cooperation between the two countries and it is right time to do business in the country.
There is quite a lot to make the trade more diversified, he added.
During the meeting, seven agreements were signed, including signing of a memorandum of understanding between Ficci and China Council for promotion of International trade, Shaanxi Sub Council.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
