India, China trade tie expects $60-mn by 2010

Kolkata: India and China expect bilateral trade to touch $60 billion by 2010, according to the Chinese Consul General, Mao Siwei.

He also hinted at a possible joint venture (JV) between a chinese company and possibly a dubai-based company for setting up a tyre plant in the state of West Bengal.

They have decided to purchase land, he added.

This apart a steel plant unit to be set up in the state is also in the pipeline. However, he refused to divulge details.

Information technology and services sectors, and pharmaceutical were some opportunities in China.

China was strong in the manufacturing sector while India was strong in financial products, so the two could be complementary to each other,claimed the Consul General.

The Consulate of China, established nine months back in Kolkata, was today issuing 100 visas per day.

Speaking at an interactive session on India China Economic Partnership, he admitted lateral trade between the countries was only $2 billion in 1999 but it increased to $38.7 billion in 2007,he added.

In the first four months of this year the amount of bi lateral trade was $18.8 billion, an increase of 65 per cent compared to the same period last year.

If the current flow of trade continues then approximately $56 billion can be easily achieved by the end of this year, which is very close to the target, added Siwei.