Chinese firms keen to explore Bengal collaboration

Kolkata: Chinese architectural and construction companies are keenly looking at exploring opportunities of co-operation and business in real estate, construction business and architectural decoration industry in West Bengal.

Speaking on the sidelines of a seminar on 'China-India real estate and architectural cooperation', organised by the Bharat Chamber of Commerce, Mao Siwei, Consul General of China said, “With infrastructure and housing becoming the buzzword of the day, it is important that we share our resources and expertise to strengthen our infrastructure and also meet the large demand for housing which is basic for growth and development.”

Siwei pointed out that post-1930s with the opening up of the Chinese economy, there has been a rapid growth in infrastructure and construction business in China, per capita housing rose from three square metres to 21 square metres in towns and annual national income per person also rose from $78 to $ 2100.

The real estate, construction, building material and architectural decoration industry in China had made progress with the output value touching 1475 billion yuan (about $230 billion )in 2007. 'There will be a demand for housing and construction activity given the huge population we have,' he said.

Siwei also mentioned that as part of the 10 point strategy to meet the crisis, housing for low income groups is a priority for the Chinese government.

There could be possible areas of cooperation in these areas for mutual benefit, said Siwei.

Siwei also mentioned that although the average GDP growth in the last 30 years had been around 10 per cent, in the backdrop of the current financial crisis the Chinese economy had been worst hit with exports coming down, since Chinese economy is purely an export driven economy and it would be difficult to maintain eight per cent of GDP growth in 2009, failing which there can be further trouble. The Chinese Wuhan Architectural Decoration Association and Bharat Chamber of Commerce signed a memorandum of cooperation today to boost cooperation and exchange between the two countries in thefields of steel, real estate and construction business.