Li tells India: Stronger ties to benefit us both
Source: Agencies |
May 22, 2013, Wednesday
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Print Edition
Print Edition
Chinese Premier Li Keqiang has told Indian business leaders that developing stronger economic ties between their two nations would have huge benefits for both sides.
Li was speaking a day after holding meetings with Indian Prime Minister Manmohan Singh during which the two leaders stressed the aim of forging deeper cooperation.
Li told the Federation of Indian Chambers of Commerce and Industry yesterday that India and China were both enormous markets with incredible potential for growth.
"If every one of our combined 2.5 billion population would buy a new mobile phone, it would blow up the order lists of IT manufacturers and operators in the world," Li said.
He said the two nations' strengths complemented each other, with India having the edge in information technology and software, while China was undergoing a rapid expansion in manufacturing and textiles.
China can also help India's drive to improve its infrastructure, he said.
"At present, we both face the heavy tasks of developing the economy, improving people's lives and reinvigorating the country. In seeking great neighborly relations and common development, we will not just benefit our own peoples but also create new opportunities for other Asian countries," he said.
Li and Singh had expressed hopes they could increase their trade from US$61.5 billion last year to US$100 billion by 2015. But the current trade is heavily skewed in China's favor, and Li said he was willing to allow Indian products greater access to Chinese markets.
"I'm confident that we have the ability to mitigate the trade imbalance between our two countries. China never has the intention of pursuing a trade surplus," he said.
Li said China understands "balanced trade is crucial to good ties between the world's two most populous countries" and that "a peaceful and stable South Asia is consistent with China's development interests."
"Only a dynamic trade balance is a sustainable trade relationship," he said.
"We will support Chinese enterprises to increase investments in India and help Indian products have access to Chinese markets," he said, also promising to help raise prosperity in the Asian region.
India is seeking Chinese participation in its special manufacturing zones or SEZs being set up under its National Manufacturing Policy which aims to sharply boost manufacturing to provide jobs for its growing army of young people.
Also yesterday, both countries signed deals to raise Indian access to China's drugs market and promote trade in fish and meat products, billed by New Delhi as helping address China's food security.
Li was speaking a day after holding meetings with Indian Prime Minister Manmohan Singh during which the two leaders stressed the aim of forging deeper cooperation.
Li told the Federation of Indian Chambers of Commerce and Industry yesterday that India and China were both enormous markets with incredible potential for growth.
"If every one of our combined 2.5 billion population would buy a new mobile phone, it would blow up the order lists of IT manufacturers and operators in the world," Li said.
He said the two nations' strengths complemented each other, with India having the edge in information technology and software, while China was undergoing a rapid expansion in manufacturing and textiles.
China can also help India's drive to improve its infrastructure, he said.
"At present, we both face the heavy tasks of developing the economy, improving people's lives and reinvigorating the country. In seeking great neighborly relations and common development, we will not just benefit our own peoples but also create new opportunities for other Asian countries," he said.
Li and Singh had expressed hopes they could increase their trade from US$61.5 billion last year to US$100 billion by 2015. But the current trade is heavily skewed in China's favor, and Li said he was willing to allow Indian products greater access to Chinese markets.
"I'm confident that we have the ability to mitigate the trade imbalance between our two countries. China never has the intention of pursuing a trade surplus," he said.
Li said China understands "balanced trade is crucial to good ties between the world's two most populous countries" and that "a peaceful and stable South Asia is consistent with China's development interests."
"Only a dynamic trade balance is a sustainable trade relationship," he said.
"We will support Chinese enterprises to increase investments in India and help Indian products have access to Chinese markets," he said, also promising to help raise prosperity in the Asian region.
India is seeking Chinese participation in its special manufacturing zones or SEZs being set up under its National Manufacturing Policy which aims to sharply boost manufacturing to provide jobs for its growing army of young people.
Also yesterday, both countries signed deals to raise Indian access to China's drugs market and promote trade in fish and meat products, billed by New Delhi as helping address China's food security.
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